Bullish Outlook on Bitcoin’s Price: A Chronological Perspective
Crypto analyst CredibleCrypto has been sharing a series of posts from October 21 to October 24, 2023, expressing his bullish outlook on Bitcoin’s near-term price movements. Let’s take a closer look at these posts and the evolving views of the analyst.
October 21, 2023
On October 21, CredibleCrypto initiated the conversation by suggesting that Bitcoin’s price could rise faster and higher than anticipated by most people. This post gained significant attention, accumulating over 317,000 views.
October 23, 2023
Continuing the discussion on October 23, CredibleCrypto hinted at the possibility of Bitcoin experiencing its first monthly price increase of more than $10,000 in October. This post also garnered significant traction, with over 101,000 views. When a user questioned the feasibility of such a rapid increase within a week, CredibleCrypto explained that Bitcoin had already risen by $5,000 this month. He added that another similar increase by the end of the month would align with Bitcoin’s recent performance.
October 24, 2023
On October 24, CredibleCrypto further elaborated on his previous statements. He indicated that the price movements observed in the last few days were minor compared to what he expects in the coming weeks. He emphasized that significant price changes usually occur when the Relative Strength Index (RSI) moves into overbought territory on longer timeframes.
Currently, Bitcoin is trading at around $33,875, experiencing a decrease of 0.69% in the past 24 hours.
Crypto Jeb’s Bullish Forecast for Bitcoin
Crypto Jeb, another respected cryptocurrency analyst, has recently provided a bullish forecast for Bitcoin’s price. According to Crypto Jeb, there are two main elements influencing this optimistic outlook.
The first element is the evolving position of BlackRock on Bitcoin. Crypto Jeb highlights BlackRock’s changing attitude towards Bitcoin, led by its CEO Larry Fink. He believes that BlackRock’s upcoming Bitcoin ETF will be a game-changer, making the cryptocurrency more accessible to average Americans and financial advisors. This accessibility could result in a massive capital inflow into Bitcoin, reinforcing its status as a long-term investment.
The second element is the monetary policies set by the Federal Reserve. Crypto Jeb expects the Fed to lower interest rates and possibly reintroduce quantitative easing if the economy faces future recessions. These policies played a significant role in the bull market of 2020 and 2021, leading to increased retail investment in Bitcoin and a surge in price from $20,000 to $69,000.
Taking all these factors into account, Crypto Jeb is optimistic that Bitcoin could trade between $70,000 and $100,000 by the end of next year. This projection could align with Bitcoin’s “halving season” and provide an additional boost to its price.
Hot Take: A Bullish Perspective on Bitcoin’s Future
Both CredibleCrypto and Crypto Jeb express a bullish outlook on Bitcoin’s future price movements. While CredibleCrypto focuses on near-term possibilities based on recent trends and indicators, Crypto Jeb takes a broader view by considering the evolving position of institutions like BlackRock and the potential impact of Federal Reserve policies.
It is important to remember that these are projections and predictions, not guarantees. The cryptocurrency market is highly volatile and subject to various factors that can influence price movements. As an investor, it is crucial to conduct thorough research, consider different perspectives, and make informed decisions based on your risk tolerance and investment goals.
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