Originally published on: July 15, 2024
Bitcoin is in the spotlight once again as it approaches the $63,000 mark amidst a bullish trend in the crypto market. Traders are optimistic about the potential for further gains, with recent data showing a 3.5% increase in daily gains.
Analysts are pointing to a possible shift in the market sentiment, with popular trader Peter Brandt suggesting that Bitcoin could be following a familiar chart pattern that could lead to a significant price surge. Other experts, like Rekt Capital, are even more bullish, declaring that the downtrend is over for BTC/USD.
Market indicators are also looking positive, with economist Henrik Zeberg highlighting a bullish divergence on the RSI values. This, coupled with a recent block subsidy halving, has led some traders to believe that Bitcoin is entering a new phase of price action.
Adding to the optimism is the endorsement of Bitcoin by BlackRock CEO Larry Fink, who recently declared the cryptocurrency as ‘legitimate’. This statement is seen as a significant milestone for Bitcoin, as BlackRock manages the world’s largest spot Bitcoin ETF.
Analysts are hailing Fink’s endorsement as a major vote of confidence in Bitcoin as an asset class, with many expecting it to pave the way for increased adoption by traditional investors.
As Bitcoin continues to gain traction in the mainstream financial world, it is clear that the cryptocurrency is here to stay. Investors are advised to conduct their own research and make informed decisions before entering the market. Stay tuned for more updates on the latest trends and developments in the world of Bitcoin.
