The Current State of Bitcoinโs Price Recovery ๐
Bitcoinโs price has shown signs of recovery by surpassing the crucial support level above $67,000 after a rebound on Tuesday. The latest market data indicates that the price of Bitcoin increased by 2 percent in the past 24 hours, reaching around $66,300 during the early London session.
Factors Impacting Bitcoinโs Price
- Significant selling pressure from Grayscaleโs GBTC, ARK 21Shares Bitcoin ETF (ARKB), and the US government.
- Outflow of $82 million from GBTC and $88 million from ARKB in the spot BTC ETFsโ daily flow on Monday.
- Deposit of more than $30k Bitcoins, valued at approximately $2 billion, by the US government to Coinbase.
Midterm Bitcoin Price Prediction
The upcoming fourth Bitcoin halving event is about seventeen days away, historically signaling the start of a macro crypto bull run. Despite Bitcoinโs price reaching a record high before the halving, it indicates the possibility of a super-cycle ahead, driven by institutional investors.
A crypto analyst known as Captain Faibik conducted a Bitcoin price analysis, revealing the formation of a bullish pennant in the four-hour time frame. To regain the bullish momentum, Bitcoinโs price needs to reclaim the support level above $70,000.
Another well-known technical analyst, Jason Pizzino, shared a similar perspective, suggesting that Bitcoinโs price is currently taking a break before resuming its bullish trend. As long as the price of Bitcoin stays above $48k, the macro bullish continuation remains strong.
Hot Take: Stay Informed and Stay Ahead ๐ฅ
Keep a close eye on Bitcoinโs price movements and the factors influencing its current trajectory. Understanding the market dynamics and expert predictions can help you make informed decisions when investing in cryptocurrencies. Stay updated with the latest news and analysis to stay ahead in the crypto market.
Cino Gaperi stands out as a prominent crypto analyst, accomplished researcher, and adept editor, making significant contributions to the field of cryptocurrency. With a strong background in crypto analysis and research, Cino’s insights delve deep into the intricate aspects of digital assets, appealing to a diverse audience. His keen analytical skills are complemented by his editorial proficiency, allowing him to distill complex crypto information into easily digestible content.