empty
08.04.2024 09:26 PM
Bitcoin: Target for this bull cycle is $300,000

The Bitcoin exchange rate has significantly strengthened after a series of corrections last week. The latest price movement pushed the main cryptocurrency above the critical resistance zone, instilling optimism among investors ahead of the upcoming halving.

Analysts at CryptoQuant emphasize that the rise in the price of Bitcoin above the $72,000 mark is explained by several key factors.

Why is Bitcoin strengthening?

After several weeks of mostly downward movement, Bitcoin rose above $72,000 for the first time since March. When the BTC price reached $65,500 last week, the correction was in its final stages. Support also increased as holders of short-term positions stopped experiencing losses.

Moreover, the issuance of new USDT was accompanied by a noticeable correlation between the market capitalization of the main stablecoin and the price of Bitcoin, reinforcing the bullish trend.

A significant increase in BTC holdings, reaching a record level in reserves, indicates growing interest from long-term investors.

Finally, there is a change in the behavior of long-term investors: their distribution has weakened, indicating greater confidence in Bitcoin's long-term prospects. These factors together herald a positive forecast for the price of Bitcoin.

Cryptocurrency experts are confident in the sustainability of the current growth. Assuming that the support level at $70,800 is maintained, BTC could reach a new all-time high of $85,000.

This image is no longer relevant

More bullish sentiment for Bitcoin?

Crypto experts highlight the strengthening bullish sentiment towards Bitcoin despite relatively narrow trading range this week.

Firstly, there is a significant increase in spot Bitcoin ETFs, with significant surges observed in recent days. Positive news that major players in traditional financial markets, such as Citadel, Goldman Sachs, UBS, and Citi, have joined as authorized participants in Blackrock's ETF further enhances confidence in Bitcoin's legitimacy.

Additionally, large purchases of BTC calls continue, indicating traders' preference for Bitcoin. The reduction in leverage in Bitcoin, reflected in fixed financing of primary investments and a lower forward curve, creates a healthier market environment. Most importantly, the upcoming halving event has further bolstered the optimistic outlook.

Target for this bull cycle is $300,000

In the context of Bitcoin's recovery, Michael van de Poppe, a recognized cryptocurrency analyst and trader, made an intriguing forecast, noting that the main cryptocurrency is likely to reach $300,000 in this bull cycle.

His forecast aligns with the anticipation of the upcoming halving of the Bitcoin mining reward, which is expected in less than 12 days, sparking optimism within the crypto community.

According to the analyst, Bitcoin is still facing serious resistance. Nevertheless, if the coin manages to overcome this zone, it could demonstrate progress towards new all-time highs in the coming months.

Considering that BTC reached $70,000 before the upcoming halving, Poppe suggests that the coin is likely to hit a record high of $300,000 in this bull rally.

In his post, he noted that the price of Bitcoin returned to the $70,000 mark over the weekend. This indicates a bullish trend currently observed in the cryptocurrency market.

The analyst also pointed out that the strength of the cryptocurrency markets has exceeded expectations, and the decline in altcoin prices opens up new entry opportunities. Additionally, the price behavior of BTC demonstrates the potential for reaching new all-time highs before the halving, and a shift in favor of altcoins can be expected soon.

Altcoin season begins in a few weeks

The analyst also expresses optimism regarding the altcoin season. It is important to note that the price of altcoins often correlates with changes in Bitcoin dominance. However, even with Bitcoin dominance remaining high until the halving, Poppe believes that altcoins still have significant potential.

According to the expert, in the upcoming alternative season of cryptocurrency assets, the focus will be on tokenization of real-world assets (RWA), the Ethereum (ETH) ecosystem, and the network of decentralized physical infrastructure (DePIN), which is likely to advance alternative options in this cycle.

At the time of writing, the total market capitalization of altcoins, excluding Bitcoin and Ethereum, was estimated at $753.47 billion, indicating a 2% increase over the past 24 hours.

Pilih carta masa
5
min
15
min
30
min
1
jam
4
jam
1
hari
1
minggu
Jana pendapatan melalui perubahan kadar mata wang kripto dengan InstaForex.
Muat turun MetaTrader 4 dan buka dagangan pertama anda.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    SERTAI PERADUAN

Artikel yang dicadangkan

Cadangan Dagangan untuk Pasaran Mata Wang Kripto pada 6 Januari

Bitcoin telah melonjak kembali ke paras AS$ 100,000, manakala Ethereum kekal stabil di atas AS$ 3,600, menunjukkan pandangan positif untuk pasaran selepas Tahun Baharu. Dalam minggu dagangan yang lalu, aliran

Miroslaw Bawulski 08:51 2025-01-06 UTC+2

Cadangan Dagangan untuk Pasaran Kriptowang pada 3 Januari

Bitcoin dan Ethereum telah mengalami pemulihan pada awal tahun ini, pulih dari tahap sokongan ketara yang telah mengancam kelangsungan aliran menaiknya akhir Disember lepas. Walaupun pedagang dan pelabur masih dalam

Miroslaw Bawulski 08:55 2025-01-03 UTC+2

Bulan Manakah Yang Akan Menjadi Penentu untuk Bitcoin?

Menjelang akhir tahun 2024, lonjakan rekod Bitcoin mula perlahan, mengakibatkan penurunan bulanan pertama sejak Ogos. Pada Disember 2024, aset digital ini merosot sebanyak 3.2% apabila pelabur-pelabur di A.S. mengambil keuntungan

Irina Yanina 12:33 2025-01-02 UTC+2

Cadangan Dagangan untuk Pasaran Mata Wang Kripto pada 30 Disember

Bitcoin dan Ethereum sedang mengalami penurunan secara beransur-ansur apabila tahun semakin hampir ke penghujung, dan nampaknya sebarang potensi kenaikan baru mungkin tidak akan berlaku sehingga 2025. Walau bagaimanapun, tidak perlu

Miroslaw Bawulski 08:48 2024-12-30 UTC+2

Bitcoin: Kiraan Detik ke 21 Juta

Pada malam Krismas 2024, Bitcoin mencapai pencapaian penting: 19.8 juta syiling telah dilombong, meninggalkan kurang daripada 1.2 juta syiling sebelum had maksima bekalan sebanyak 21 juta dicapai. Peristiwa ini menekankan

Ekaterina Kiseleva 23:33 2024-12-26 UTC+2

Bitcoin pada 2024: Mengulas Tahun Ini dan Menilai Ramalan

Tahun ini telah menjadi pencapaian penting untuk pasaran mata wang kripto, terutamanya disebabkan oleh pelancaran spot ETF dan penglibatan yang semakin meningkat dari pelabur institusi. Walaupun terdapat banyak ramalan tentang

Ekaterina Kiseleva 23:29 2024-12-25 UTC+2

Cadangan Dagangan untuk Pasaran Matawang Kripto pada 24 Disember

Bitcoin dan Ethereum terus menghadapi kesukaran dengan momentum kenaikan. Setiap pergerakan menaik yang ketara berhadapan dengan tekanan jualan apabila sebahagian peserta pasaran melepas aset kripto mereka, mewujudkan tekanan penurunan harga

Miroslaw Bawulski 07:31 2024-12-24 UTC+2

Analisis Teknikal Pergerakan Harga Harian Mata Wang Kripto Bitcoin, Selasa 24 Disember 2024.

Terdapat beberapa perkara menarik yang dapat kita temui dalam carta 4 jam untuk mata wang kripto Bitcoin. Walaupun pergerakan harga semasa #BTC berada di bawah WMA (30 Shift 2) yang

Arief Makmur 06:33 2024-12-24 UTC+2

Cadangan Dagangan untuk Pasaran Mata Wang Kripto pada 23 Disember

Selepas pembetulan yang jelas dalam Bitcoin dan Ethereum yang diperhatikan sejak hujung minggu lepas, berita baik mula kembali ke pasaran. Presiden terpilih Donald Trump mengumumkan pada hujung minggu bahawa beliau

Miroslaw Bawulski 08:17 2024-12-23 UTC+2

Analisis Teknikal Pergerakan Harga Intraday Mata Wang Kripto Cardano, Jumaat 20 Disember 2024.

Dengan hanya melihat carta 4 jam bagi mata wang kripto Cardano yang bergerak secara harmoni dalam saluran Bearish Pitchfork dan berada di bawah SMA (100) dengan cerun yang semakin menurun

Arief Makmur 08:58 2024-12-20 UTC+2
Tidak boleh bertanya sekarang?
Tanya soalan anda di Ruangan bersembang.
Panggilan semula Widget
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.