Bitcoin Price Prediction: BTC, the most famous cryptocurrency with a market capitalization of over $1 trillion, is currently bouncing off the key support at $50,800.Demand continues to weaken Bitcoin It remains below the liquidity-rich level of $53,000, resulting in price weakness. However, with this key support holding, bulls have another chance to attempt a breakout towards $58,000 to complete the market known as the pre-halving rally.
The bullish outlook ahead of Friday's close of business in Europe comes amid headlines for the former US president and Republican front-runner. donald trump's Comments about Bitcoin.
Bitcoin “killed itself” – Donald Trump
The US elections late next year are expected to have an impact on the cryptocurrency market, especially Bitcoin. In the recent election of 2020, BTC price surged 243% from voting day.
Industry leaders such as Cathie Wood and Balaji Srinivasan have dubbed the 2024 election the “Bitcoin election,” predicting candidates will familiarize themselves with cryptocurrencies to capitalize on their campaigns. has been done.
A statement from the Republican front-runner to Fox News at a town hall event in South Carolina on Tuesday confirmed this narrative, saying Bitcoin has “taken its own life.” President Trump also said Bitcoin needs to be regulated.
“A lot of people are doing it (Bitcoin),” Trump added, but “I've always liked one currency…I like the dollar.”
President Trump also hinted that there would be “some regulation” because “a lot of people are embracing it (BTC).”
Bitcoin Price Prediction: Where is BTC headed amid weak technicals?
Bitcoin gained some strength following President Trump’s comments with support at $50,800, but the uptrend appears to be weakening above $51,000.
Sitting below the 20-day Exponential Moving Average (EMA) and 50-day EMA (blue and red lines on the 4-bar chart), BTC is crying out for volatility with further downside action expected heading into the weekend.
If the decline continues like this, bitcoin price A retest of the $50,800 support is likely. Breaking this area could be detrimental not only for BTC but also for altcoins which are likely to retrace further.
The impressive performance is Bitcoin ETF Data from the past few weeks is a factor that should be considered before determining Bitcoin's next major retracement. By ETF data SoSoValue This highlights the huge cumulative net inflows of $5.39 billion, with daily net inflows of $251 million on Thursday.
Improving ETF performance means that sentiment is positive among investors, both institutional and retail. Those looking at Bitcoin's long-term outlook are unlikely to sell on the basis of a decline, considering the following: cut in half It's right there.
Therefore, the push is becoming increasingly profitable, with traders and investors raking in positions both short- and long-term.
The Relative Strength Index (RSI) is neutral but still falling towards oversold territory, suggesting that sellers have the upper hand, at least for now.
Traders should closely monitor key levels such as the $50,800 support. A consecutive 4-hour candlestick close below could validate the swing towards the major support at $50,800.
However, a return to the $52,000 support area could provide investors with assurance that the uptrend remains intact. Such a move would also mean that Bitcoin could successfully retest the $53,000 resistance and begin a gradual recovery to $58,000 before halving.
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