Bitcoin has regained attention and regained its position above $64,000 today. But this resurgence was troubling for short sellers, who saw more than $150 million worth of his positions disappear in just one day.
However, cryptocurrency expert Titan of Crypto says Bitcoin is currently in the second phase of its bull market, which could set the stage for a profitable period for investors. I declare this with confidence.
Here's why:
Welcome the Bitcoin bull market
As Bitcoin price surges to match last week’s highs, Titan of Crypto sees this as the opening gun to a bullish rally. They suggest that the necessary price decline will occur before a Bitcoin bull market occurs, signaling the beginning of the second phase of the Bitcoin bull market.
Monthly Bitcoin charts shared on social media reveal interesting similarities with previous cycles. The current cycle mirrors the trends of the past three cycles, suggesting a potential price surge.
Analysts speculate that if Bitcoin can break out of this repeating pattern, its price could soar. According to predictions, this break from the established pattern could cause Bitcoin's value to rise to around $120,000 by early 2025.
“Corrections are inevitable in a bull market and should be viewed as an opportunity to reload.”
Also read: Bitcoin price prediction: Trading legend Peter Brandt bets big with $125,000 target
Opportunity, not a fix
Experts stress that in a bull market, a correction is not a setback, but an opportunity to strengthen your investment portfolio.
Michael, another prominent crypto analyst, is bullish about the future of Bitcoin. In his recent tweets, he highlighted Bitcoin's resilience amid economic indicators and the FOMC's decision to keep interest rates on hold until November 2024.
Van de Poppe sheds light on pre-FOMC declines, a typical market phenomenon that often causes a decline in crypto prices before such an event. Additionally, weak economic data has made it a tough week for the dollar index (DXY), which could lead investors to assets such as Bitcoin.
Bitcoin price analysis
Despite recent volatility, Van de Poppe remains optimistic about Bitcoin's near-term prospects. He expects the correction to stabilize in the $60,000 to $61,000 range, and expects stability to continue within this price range.
Bitcoin is currently trading at $64,295, registering an impressive 8.6% gain in the past 24 hours. The market capitalization of this virtual currency reaches $1.26 trillion. Additionally, trading volume surged 16% to $33.4 billion, indicating growing investor interest in Bitcoin.
Did you know that?Bitcoin maximalist Michael Saylor predicts there will be no ETF for XRP, ETH, BNB, ADA
What is your investment strategy for this potential Bitcoin bull market?
