As the major cryptocurrency and dominant player in the cryptocurrency market capitalization, Bitcoin's behavior is always a primary concern. Moreover, it has built an incredible recovery in January of this year.
Investors are keeping a close eye on Bitcoin (BTC) as it reached its highest price in six months, hitting $24,900 in the past 24 hours. The question now is whether it will break through the $25,000 barrier and continue to rise.
Finbold reports that, today, cryptocurrency trading specialist Michaël van de Poppe tweeted that if Bitcoin can surpass $25,000, it may soar to $30,000 and beyond, as historical trends have shown that markets tend to surge upward after a correction. Van de Poppe speculates that this could happen due to excessive shorting by investors. As of now, Bitcoin is up to 49.5% in 2023.
van de Poppe said:
“Corrections are relatively short-lived in an upwards trending market. Higher timeframe levels get one test and then markets start to shoot upwards, as people over short the correction. Breaking $25K and we’ll continue towards $30-35K for Bitcoin.”
Despite the recent increase in Bitcoin's value, he warned that it might be experiencing "the biggest bull trap" he has ever witnessed. He believes that relying too heavily on the current market trend can result in significant losses, even though Bitcoin has been steadily climbing.
Recently, Bitcoin's recent surge has lifted the entire cryptocurrency market, despite the United States government's stricter regulatory stance. As of now, Bitcoin is trading at $24,622, which marks an 11.02% increase over the last 24 hours and an 8.43% increase over the previous week.
The total value of Bitcoin's market capitalization now sits at $475.2 billion, which has grown by $46 billion within 24 hours.
The technical analysis (TA) indicators on finance tracking website TradingView show an intriguing development regarding Bitcoin. The sentiment gauges for Bitcoin on the 1-month summary are extremely bullish, currently indicating a "strong buy" at 17. This figure is derived from oscillators in the "strong buy" area at 3 and moving averages (MA) that also point toward a "strong buy" at 14.
There is increasing evidence to suggest that the cryptocurrency market hit its bottom in November and has since turned bullish, with growing momentum and a tendency to shrug off any bearish news. These are traditional signals that many in the industry interpret as a sign that the worst is over.
Despite the current regulatory climate presenting challenges for the cryptocurrency industry as a whole, it seems that money is moving from altcoins to Bitcoin (BTC).
This is largely due to the fact that the chair of the SEC has designated Bitcoin as a "commodity," making it the only cryptocurrency with this label. As a result, Bitcoin's market dominance is steadily increasing. [pc]
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