As a seasoned crypto investor with a few years under my belt, I’ve witnessed my fair share of market volatility and price swings. The latest breakout in Bitcoin’s price action has piqued my interest, especially since industry experts like the co-founders of Glassnode believe this move was a long time coming.
In an unexpected development, Bitcoin (BTC) has shattered through its previous price band, experiencing a notable gain of approximately 7% over the last 24 hours. The digital currency is currently challenging the $66,000 resistance threshold, potentially paving the way for further advancements to greater heights.
Industry experts, including the co-founders of Glassnode, have been drawn to the recent price fluctuations in Bitcoin. Based on their on-chain analysis, the conditions for a major shift in the market structure were set during Bitcoin’s price peak in March.
Bitcoin Breaks Out
The co-founders of Glassnode have long anticipated this price surge for Bitcoin. They’ve been on the lookout for a catalyst to ignite a robust bullish trend since March 2021, when Bitcoin hit its record-high ($73,700) at its all-time high (ATH). Now, it seems that the market has provided this trigger.
As an analyst, I would interpret this as: I think the key factor that influenced their decision was the unexpectedly low US inflation numbers and disappointing retail sales data. This might lead the Federal Reserve to adopt a more accommodative monetary policy approach.
Based on Glassnode’s co-founders’ perspective, this development could lead the Federal Reserve to adopt a more accommodative monetary policy. Consequently, Bitcoin’s price might rise to hit $66,000 before touching $69,000 and potentially surge towards $84,000. Additionally, they anticipate that altcoins will follow this upward trend with significant strength.
As a crypto investor, I’ve noticed some analysts expressing caution about the immediate future of Bitcoin’s price action. Justin Bennett, a trader and analyst, suggests that for Bitcoin to continue its bullish trend, it needs to firmly establish $65,000 as new support. He adds that potential resistance levels could be found at $68,000 and $73,000, where significant selling pressure might emerge. If Bitcoin fails to hold the $65,000 support, it may lead to further consolidation and volatility – a “chopfest,” as Bennett puts it.
Andrew Tate Considers Dumping Fiat For BTC
In an unexpected turn of events, well-known internet figure and self-dubbed “Top G” Andrew Tate has revealed his plan to renounce fiat currency and commit more than $100 million towards Bitcoin. On social media platform X, previously identified as Twitter, Tate made this announcement by stating, “I’m going to bid farewell to fiat once and for all and sink 100M into BTC.”
Tate, with a history of legal troubles and excluded from various social media outlets, expressed his dissatisfaction with conventional banking systems and fiat currency as the primary motivation for considering such a move.
“I’m done with the banks. I’m done with their money. Done with the scams,” he wrote in the post.
In my recent post, I admitted that I have not yet made up my mind on the matter, as at present, I possess more digital currencies than traditional paper money in my investment holdings.
As a researcher observing this situation, I’ve noticed him dropping hints about potentially abandoning fiat currency altogether. It seems his affinity for Bitcoin and other digital assets is expanding.
At present, Bitcoin is attempting to break through the $65,900 barrier, as it recovers its upward trend. However, it’s uncertain how long this surge will last or if the bullish trend will hold up against possible resistance from sellers at elevated prices.
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2024-05-16 04:16