Sun 28 Jul 2024 ▪
3
min of reading ▪ by
Bitcoin, always ready to surprise, recently tested a crucial support level. This development could very well be the beginning of a new bullish phase for the crypto asset, sparking increased interest from investors. Details to follow !
A decisive rebound for Bitcoin
After hitting the support level at $63,193.80, Bitcoin indicated a bullish trend reversal. This point, which has previously served as strong support during past pullbacks, was a clear indicator of a significant potential rebound for the currency.
The repetitive nature of this support shows investors’ confidence in the currency’s ability to stabilize and move forward after periods of volatility. The price forecasts now point to a target of $71,972.46. Market trend analysis indicates that the crypto asset could even aim for its all-time high of $73,835.57 if current conditions persist.
Factors supporting the bullish trend
One of the key factors supporting Bitcoin’s recent rise is the growing interest in Bitcoin ETFs. According to crypto analyst Ali, the demand for spot Bitcoin ETFs exceeds the available supply, indicating an intense accumulation phase. This appetite for ETFs, combined with a limited post-halving supply, has created an imbalance favorable to rising prices.
Fundamental indicators, such as the Market Value to Realized Value (MVRV), also support this bullish trend. Glassnode reports that the MVRV remains positive, indicating a healthy and optimistic market sentiment in the long term. This context is reinforced by the possibility of short position liquidations. According to the latest data, a liquidation target of $65,200 could be reached, potentially freeing up $42.16 million in short positions. This phenomenon accentuates the bullish sentiment and can contribute to upward price momentum.
In summary, the future prospects for Bitcoin remain positive, with sustained demand and solid fundamentals. The potential for short position liquidations, along with growing interest in ETFs, suggests a continuation of this bullish trend. Investors and market observers are closely monitoring these developments, anticipating a potential breakthrough of previous price records.
Maximize your Cointribune experience with our ‘Read to Earn’ program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.
Click here to join ‘Read to Earn’ and turn your passion for crypto into rewards!
Graduated from Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I committed to raising awareness and informing the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. Every day, I strive to provide an objective analysis of the news, decipher market trends, relay the latest technological innovations, and put the economic and societal issues of this ongoing revolution into perspective.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.