Crypto Gurus Agree: Bitcoin Set for Impressive Rally
In the evolving landscape of the cryptocurrency market, Bitcoin (BTC) appears poised to recover from recent setbacks, potentially even surging to new record highs, according to industry insiders.
One anonymous crypto analyst, known as Trader Tardigrade, has identified a potential target of $46,000 for Bitcoin.
This projection is based on an analysis of a linear chart, which draws parallels between the current period and the price movement observed between 2018 and 2021. Trader Tardigrade has previously hinted at a “parabolic rally” for the flagship crypto asset, suggesting that Bitcoin’s historic track record remains intact and that a new all-time high is on the horizon.
Moreover, in a recent social media update, Trader Tardigrade indicated that $30,000 could serve as a foundation for Bitcoin’s ascent to a new all-time high. Specifically, he stated, “Before reaching the ATH, BTC will retrace to $30k, establishing it as the new baseline.”
Renowned crypto trading expert Michaël van de Poppe echoed these sentiments, suggesting that Bitcoin might be entering a new bull cycle, provided it maintains support above the 200-week exponential moving average (EMA). He emphasized that this phase presents an ideal opportunity to accumulate altcoins.
Another crypto analyst, going by the handle thescalpingpro or Mags, shared an optimistic outlook, charting Bitcoin’s historical movements during each halving cycle and declaring the “Bitcoin Bull Run Incoming.” Stockmoney Lizards also observed “textbook Wyckoff behavior,” hinting at a potential price surge towards $35,000 in 2024.
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At the time of writing, Bitcoin was trading at $26,455, marking a 0.08% gain in the past 24 hours and a 2.42% increase over the previous week. However, it still displayed a 9.14% monthly loss, per the latest data.
In conclusion, the realization of these predictions for the digital asset’s price trajectory hinges on many factors, encompassing market sentiment, technical analysis indicators, and related developments.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
