A prominent crypto strategist, known by the pseudonym Credible Crypto, has shared an optimistic forecast for Bitcoin (BTC) with his over 354K followers on social media platform X (formerly known as Twitter). He believes that Bitcoin is currently on a trajectory that could lead to a substantial upward movement.
Credible Crypto Observes Gradual Increase in Bitcoin
Credible Crypto observes that Bitcoin has been experiencing a slow but steady increase over the past month. He interprets this gradual ascent as a precursor to a more dramatic breakout rally. The analyst is confident that when Bitcoin does break out from its current pattern, the rise will be significant, surpassing the $40,000 mark.
Parallels Drawn with 2020 Bull Market
Drawing parallels with Bitcoin’s performance in the early stages of the 2020 bull market, Credible Crypto suggests that a similar rally could be on the horizon. This comparison underscores his belief in Bitcoin’s potential for a robust upward trajectory.
Uncertainty Regarding Bitcoin’s Next Move
In the short term, the analyst acknowledges uncertainty regarding Bitcoin’s next move. He notes that both bullish and bearish traders are entering leveraged positions at a crucial support level, making the immediate future direction of Bitcoin unclear. Credible Crypto anticipates increased volatility, which could result in either a long (price increase) or short (price decrease) squeeze.
Analyst’s Chart Analysis
According to the analyst’s chart analysis, a key level to watch is $37,700. If Bitcoin can surpass this threshold, it is likely to regain bullish momentum and potentially initiate the forecasted rally.
Standard Chartered Bank Reiterates $100,000 Prediction for Bitcoin
Standard Chartered Bank, a global banking giant with a strong foothold in emerging markets, has reiterated its April prediction that Bitcoin (BTC) will reach $100,000 by the end of 2024.
Positioning of Standard Chartered Bank and Current Market Trends
Offering a wide array of services such as retail, corporate, institutional banking, and treasury services, Standard Chartered stands out for its focus on emerging markets, contrasting with other global banks that often concentrate on the US and European markets.
Spot ETFs and Bitcoin Halving as Key Drivers
A recent CoinDesk report highlights that Geoff Kendrick and his team at Standard Chartered view the potential approval of multiple spot Bitcoin ETFs in the U.S. as a key driver for Bitcoin’s price surge. They now anticipate these approvals could happen sooner than expected, possibly in the first quarter of 2024. Another factor underpinning the bank’s optimistic outlook is the forthcoming Bitcoin halving, slated for around mid-April 2024.
Bitcoin’s Dominance and Scarcity Effect
Standard Chartered also notes the enduring dominance of Bitcoin in the digital assets market. Since April, Bitcoin’s share of the total digital assets market cap has risen to 50% from 45%. The bank attributes this dominance to Bitcoin’s reputation as a reliable safe haven, which has bolstered its position in the market.
Hot Take
The crypto strategist Credible Crypto’s optimistic outlook for Bitcoin’s potential breakout rally is complemented by Standard Chartered’s reinforcement of Bitcoin’s long-term upward trajectory, firmly anchored by emerging market trends and several key drivers anticipating Bitcoin’s future price surge.
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