The ongoing recovery in the digital currency ecosystem can be attributed to the remarkable 19.04% jump in the price of Bitcoin (BTC) over the past week. The bullish momentum has signaled hope for many investors, especially traders who joined just below the implosion of FTX Derivatives Exchange.
Analyst’s Take on Bitcoin Price
Bitcoin remains the largest cryptocurrency by market capitalization and it is also known as one of the tokens with the most unpredictable volatility. Drawing on the current price action of Bitcoin, renowned market analyst, known on Twitter as CrediBULL Crypto reassured his more than 341,000 followers that the price of the premier digital currency is now stable around the $29,000 to $30,000 price range.
Update to the $BTC idea/video from yesterday:
Now that we have cleared the local supply zone where I said we should be cautious, I’m once again bullish on LTF as well.
If this is an impulsive move and the start of our accelerated move to new all time highs, we should hold the… https://t.co/PkKF0RNhQw pic.twitter.com/X6dIMJLXlK
— CrediBULL Crypto (@CredibleCrypto) June 22, 2023
For the first time since April, Bitcoin price reclaimed the $30,000 resistance level and has been able to flip it as support for more than 24 hours. With Bitcoin springing up from the $25,000 price range, CrediBULL Crypto predicted that the support at $30,000 will have to be adequately protected and if done, it can mark the “start of our accelerated move to new all time highs.”
Bitcoin has shown enough resilience since its inception, a unique feature that has remained a fundamental part of the digital currency’s price resurgence. The latest bouts of crackdowns from the US Securities and Exchange Commission (SEC) on top trading platforms and cryptocurrencies have not completely dampened the hearts and resolve of investors across the board.
Key Factors that Can Drive Growth
The digital currency and broader investment world got intrigued with a number of fundamental news surrounding Bitcoin. First, stablecoin issuer Tether Holdings Limited unveiled its plans to invest in Bitcoin mining while also investing in the cryptocurrency as a means to cushion its reserve.
The possibility of the first spot Bitcoin ETF application being approved by the SEC has also significantly kept hopes alive that Bitcoin may finally be on its way to retesting new highs it has not seen in months. Another key factor boosting sentiment is the forthcoming Bitcoin Halving event, which appears as though investors are already frontrunning according to a thought-provoking question possessed by PlanB.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
