Bitcoin Resurgence: Analyst Foresees $69,000 Target In Near Term
05 April 2024 - 4:00PM
NEWSBTC
Crypto Jelle, a cryptocurrency analyst and aficionado, has
expressed optimism toward the price action of Bitcoin, highlighting
the potential for the digital asset to revisit the $69,000
threshold in the short term. Bitcoin Poised For Short-Term Gains
Due to waning interest in the cryptocurrency market, the price of
Bitcoin fell by 5.60% to $66,650. However, the latest price decline
does not seem to have dampened traders’ and analysts’ expectations
for a sustained bull run, and one of those is analyst Crypto Jelle.
Related Reading: Bitcoin Crash Warning: CryptoQuant CEO Sees
LUNA-Like Risks Ahead Crypto Jelle advocates for the largest crypto
asset noting that although Bitcoin did not break $69,000 in one go,
it appears that it is making a new higher low at this point. He
believes that the coin could reach the aforementioned price again
soon, urging investors to hold around the $66,500 price level.
Thus, he advises the crypto community and traders to be patient,
since the much-anticipated Bitcoin halving is approaching quickly.
Jelle underscored that new all-time highs for Bitcoin do not happen
in one go. According to the analyst, every ATH breakout over the
past years was preceded by a chopping period. As a result, a large
number of people tend to lose hope in the crypto asset, prompting
them not to invest in BTC. Given the recent performance of BTC,
Jelle claims, we are witnessing the same thing occur once more.
Drawing attention to a bullish pennant formation, Jelle stated that
Bitcoin currently appears to be getting ready to break out of this
area. This is due to a strong bounce from the 4-hour Exponential
Moving Average (EMA) 200, and now reaching an even higher low.
Based on the development, the crypto expert anticipates the
breakout to take place in the upcoming weeks. Within the next 15
days, the Bitcoin halving event has been slated to commence. Given
its past impact on BTC’s price, Crypto Jelle’s prediction could
come to pass more quickly than anticipated. Two Events Aside from
Halving Considered To Boost BTC’s Price This Year While the
community is hoping for the halving event to improve prices, Lark
Davis, a crypto expert has pointed out two other events that could
impact the asset significantly, affirming a bullish year for BTC.
These include the United States elections scheduled to happen in
November, and the Federal Reserve interest rate cuts. According to
Davis, these events are equally as important as the halving event
as they will propel the bull market even further. Related Reading:
Banking Giant Goldman Sachs Ranks Bitcoin As World Best Performing
Asset With the stock market performing traditionally well, around
83% during an election, and Bitcoin being part of Wall Street, BTC
is expected to rise. Davis then mentioned the three rate decreases
that Goldman Sachs said would occur in 2024, starting in June. It
is worth noting Goldman Sachs predicts that the terminal interest
rates will fall between 3.25% and 3.5%. Davis believes these
reductions will increase market liquidity and encourage investors
to invest more in cryptocurrency assets. Featured image from
iStock, chart from Tradingview.com
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