Bitcoin ‘Real Pump’ Nears New All-Time Highs, Analyst Says
25 Marzo 2024 - 11:49AM
NEWSBTC
Bitcoin, the ever-enigmatic digital currency, has analysts locked
in a heated debate about its 2024 price trajectory. Will it soar to
new heights, fueled by institutional adoption and mainstream
acceptance, or will it face a reality check and revisit recent
lows? Related Reading: Fantom (FTM) Bull Run: Can FTM Hit $2 After
20% Price Spike? Bullish Vs. Bearish Perspectives On Bitcoin The
optimists, led by the prominent crypto analyst Cryptoyoddha, paint
a picture of a bullish future. They point to a meticulously tracked
historical chart showcasing the cyclical price movements of
Bitcoin. Each cycle, Cryptoyoddha argues, follows a similar
pattern: a period of accumulation followed by a parabolic surge.
This analysis paves the way for the highly anticipated “Cycle IV,”
which could propel Bitcoin beyond its current all-time high of
$73,750 and potentially reach a staggering $150,000 or even higher.
#Bitcoin The real pump will start after the halving next month.
pic.twitter.com/eV5FWkzkxX — Yoddha (@CryptoYoddha) March 23, 2024
But what’s driving this bullish sentiment? Cryptoyoddha cites
several factors: a surge in institutional investment, a shift
towards clearer regulations for cryptocurrencies, and a growing
public embrace of digital assets. These trends, coupled with the
historical pattern of each cycle surpassing the previous one, paint
a compelling picture for Bitcoin bulls. However, not everyone is
buying into the euphoria. Michaël van de Poppe, a renowned
cryptocurrency trader, injects a dose of caution with his technical
analysis. Studying charts that map Bitcoin’s price movements, van
de Poppe detects a potentially bearish pattern following the recent
price dip. I wouldn’t be surprised if #Bitcoin eventually takes the
liquidity below the lows. Consolidation, low volatility.
pic.twitter.com/CincO9DFjD — Michaël van de Poppe (@CryptoMichNL)
March 23, 2024 He interprets the ongoing period of consolidation –
where the price fluctuates within a narrow range – as a potential
precursor to a further price drop. This drop, he suggests, could
see Bitcoin revisit and even break below its recent lows. Van de
Poppe’s analysis focuses on the presence of “support” and
“resistance” levels on his charts. These levels represent price
points where historical buying and selling activity has been
concentrated. If Bitcoin falls below a key support level, it could
trigger a wave of panic selling, pushing the price further down.
Bitcoin is now trading at $67.051. Chart: TradingView Volatility
And Uncertainty The contrasting viewpoints highlight the inherent
volatility of the cryptocurrency market. Bitcoin’s price is
constantly influenced by a complex web of factors, including
unforeseen regulatory decisions, security breaches, and broader
economic trends. While historical cycles can offer valuable
insights, they are not crystal balls that guarantee future
performance. Investors also need to be wary of placing blind faith
in technical analysis. The market is not a purely mechanical
system, and unpredictable events can disrupt even the most
meticulously drawn charts. Related Reading: Shiba Inu Takes Over
The Internet: Google Searches Climb As Global Interest Surges
Despite the differing predictions, both analysts acknowledge the
likelihood of significant price movement in the coming months.
Cryptoyoddha’s bullish outlook hinges on a fundamental shift in the
cryptocurrency landscape, while van de Poppe’s technical analysis
suggests a potential short-term price correction. Ultimately, the
fate of Bitcoin’s price in 2024 remains a mystery. The upcoming
Bitcoin halving in April – an event that cuts the number of new
Bitcoins entering circulation and has historically coincided with
price increases – adds another layer of intrigue. Featured image
from Pexels, chart from TradingView
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