Bitcoin (BTC) has been performing exceptionally well, surpassing traditional financial institutions with a market cap of around $841 billion. Despite regulatory crackdowns, Bitcoin continues to attract significant cash inflows, maintaining its dominance in the crypto market.
Renowned crypto analyst PlanB predicts that Bitcoin could reach its all-time high (ATH) of $69k in the coming months. PlanB attributes this potential surge to two key factors. Firstly, the upcoming Bitcoin halving in April 2024, which will reduce miners’ block rewards and potentially decrease selling pressure. Secondly, the anticipated approval of spot Bitcoin ETFs by the US SEC in early January, which could bring trillions of dollars into the crypto industry.
PlanB also believes that Bitcoin is unlikely to experience a major crash similar to the Black Thursday event triggered by the COVID-19 pandemic in 2020. The analyst is confident that Bitcoin is on track for the next bull market and does not expect the price to drop below $35,000 again.
While Bitcoin has recently experienced a bullish fourth quarter, there are concerns of an impending dump due to profit-taking by Bitcoin miners. However, if whale traders continue to absorb sell-offs from small account holders, Bitcoin price could potentially surge another 8-10 percent.
From a technical standpoint, the bullish outlook for Bitcoin is supported by the weekly death cross between the 50 and 200 Moving Averages (MA) being invalidated as bulls take control. On the daily time frame, Bitcoin price needs to consistently close above $43k to sustain the bullish perspective. Additionally, Bitcoin price recently closed above a micro ascending triangle, but there is a possibility of a fake breakout aimed at triggering leverage liquidations.
Disclaimer: This article does not endorse any specific content, accuracy, or products mentioned. Readers are advised to conduct their own research before making any cryptocurrency-related decisions.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | PlanB |
| Companies | United States SEC, Crypto News Flash, Bitcoin miners |
| Currencies | Bitcoin |
| Securities | None |
