Bitcoin has stormed back into the spotlight, reclaiming its position above the $64,000 mark today. This resurgence, however, spells trouble for short sellers, who have seen over $150 million worth of their positions wiped out in just a day.
However, Crypto expert Titan of Crypto confidently declares that Bitcoin is now entering the second phase of its bull run, potentially setting the stage for a profitable period for investors.
Here’s why.
As Bitcoin’s price shoots back up to match last week’s highs, Titan of Crypto sees this as the starting gun for a bullish rally. They suggest that the necessary price dip before a Bitcoin rally has happened, signaling the beginning of the second phase of Bitcoin’s bull run.
A monthly Bitcoin chart shared on social media reveals intriguing parallels from previous cycles. The current cycle mirrors trends from the last three cycles, hinting at potential price surges.
Analysts speculate that if Bitcoin breaks away from this repeating pattern, its price could soar. According to projections, a break from this established pattern could push Bitcoin’s value to around $120,000 by early 2025.
“In bull markets, corrections are inevitable and should be seen as opportunities to reload your bags.”
Experts emphasize that in bull markets, corrections are not setbacks but chances to strengthen investment portfolios.
Another prominent crypto analyst, Michaël, is bullish about Bitcoin’s future. In a recent tweet, he highlighted Bitcoin’s resilience amidst economic data and the FOMC’s decision to maintain interest rates until November 2024.
Van de Poppe sheds light on the pre-FOMC sell-off, a typical market phenomenon often causing crypto price dips before such events. Furthermore, poor economic data has made it a tough week for the Dollar Index (DXY), potentially driving investors towards assets like Bitcoin.
Despite recent fluctuations, van de Poppe remains optimistic about Bitcoin’s short-term outlook. He expects a correction to stabilize within the $60,000 – $61,000 range, predicting continued stability within this price bracket.
As of now, Bitcoin is trading at $64,295, marking an impressive 8.6% increase over the last 24 hours. The cryptocurrency’s market capitalization stands at $1.26 trillion. Additionally, trading volume has surged by 16% to reach $33.4 billion, showcasing heightened activity and investor interest in Bitcoin.
Did You Know? Bitcoin Maximalist Michael Saylor Predicts XRP, ETH, BNB, and ADA to Never Have ETFs
What are your investment strategies for this potential Bitcoin bull run?
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