Bitcoin
Bitcoin Price Rises Above $64,000: Bull Run Phase 2 Begins?
Bitcoin returned to the spotlight, regaining its position above the $64,000 mark today. This resurgence, however, poses problems for short sellers, who have seen more than US$150 million value of your positions destroyed in just one 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.
Welcoming the Bitcoin Bull Run
As Bitcoin Price rockets back to match last week’s highs, Titan of Crypto sees this as the starting gun for a rally. They suggest the necessary price drop before a Bitcoin rally happens, signaling the start of the second phase of the Bitcoin bull run.
A monthly Bitcoin chart shared on social media reveals intriguing parallels to previous cycles. The current cycle reflects trends from the last three cycles, suggesting potential price increases.
Analysts speculate that if Bitcoin breaks out of this repeating pattern, its price could skyrocket. According to projections, a break from this established pattern could increase the value of Bitcoin to around US$120,000 in early 2025.
“In bull markets, corrections are inevitable and should be seen as opportunities to reload.”
Read too: Bitcoin Price Prediction: Trading Legend Peter Brandt Bets Big with $125,000 Target
Not fixes, but opportunities
Experts emphasize that in bull markets, corrections are not setbacks but opportunities to strengthen investment portfolios.
Another prominent crypto analyst, Michaël, is optimistic about the future of Bitcoin. In a recent tweet, he highlighted Bitcoin’s resilience between economic data and the FOMC Decision maintain interest rates until November 2024.
Van de Poppe sheds light on the pre-FOMC sell-off, a typical market phenomenon that often causes drops in cryptocurrency prices before such events. Additionally, weak economic data has made this a tough week for the Dollar Index (DXY), potentially driving investors towards assets like Bitcoin.
Bitcoin Price Analysis
Despite recent fluctuations, van de Poppe remains optimistic about Bitcoin’s near-term prospects. He expects a correction to stabilize within the $60,000 – $61,000 range, anticipating continued stability within this price range.
As of now, Bitcoin is trading at $64,295, marking an impressive increase of 8.6% in the last 24 hours. The cryptocurrency’s market capitalization is $1.26 trillion. Additionally, trading volume increased by 16% to reach $33.4 billion, demonstrating increased investor activity and interest in Bitcoin.
Did you know? Bitcoin maximalist Michael Saylor predicts that XRP, ETH, BNB and ADA will never have ETFs
What are your investment strategies for this potential Bitcoin bull run?