Bitcoin is currently displaying notable strength in the market. Despite encountering several sell walls recently, the leading cryptocurrency has successfully broken through each one. The buying power has proven to be stronger than the sell walls, even after experiencing a significant drop from 49,000 to 38,500. This decline aligns with the expectations of most analysts, with a few anticipating a further decrease to around 34,000.
An interesting factor influencing Bitcoin's resilience is the impact of ETF trading, effectively preventing a more substantial decline. The upward pressure from ETF activity, coupled with the increasing interest from new investors entering the Bitcoin space, contributed to a remarkable 1,100-point surge today. While a temporary downtrend occurred as a result of the "sell the news" phenomenon, the overall outlook for Bitcoin with ETF involvement appears to be extremely bullish. This positive trend is expected to become more evident in the upcoming bull run, anticipated within the next few weeks or months.
Looking at the charts, a straightforward projection indicates that Bitcoin is likely to reach 52,000 in the near future. However, a sudden and perfect pump beyond this point would be surprising. It's anticipated that when Bitcoin approaches 52,000 for the first time, there may be a considerable number of sellers. Yet, history suggests that upon revisiting this milestone, Bitcoin is likely to overcome resistance and continue its upward trajectory.
An interesting factor influencing Bitcoin's resilience is the impact of ETF trading, effectively preventing a more substantial decline. The upward pressure from ETF activity, coupled with the increasing interest from new investors entering the Bitcoin space, contributed to a remarkable 1,100-point surge today. While a temporary downtrend occurred as a result of the "sell the news" phenomenon, the overall outlook for Bitcoin with ETF involvement appears to be extremely bullish. This positive trend is expected to become more evident in the upcoming bull run, anticipated within the next few weeks or months.
Looking at the charts, a straightforward projection indicates that Bitcoin is likely to reach 52,000 in the near future. However, a sudden and perfect pump beyond this point would be surprising. It's anticipated that when Bitcoin approaches 52,000 for the first time, there may be a considerable number of sellers. Yet, history suggests that upon revisiting this milestone, Bitcoin is likely to overcome resistance and continue its upward trajectory.