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Bitcoin: The rise starts now!

Mon 16 Oct 2023 ▪ 4 min of reading ▪ by Evans S.
Getting informed Event

In an economic landscape where the dollar fluctuates and traditional financial markets waver, a rising star is making a comeback: Bitcoin. The digital currency, which has stabilized around $27,000, is preparing for an unprecedented ascent. But how and why is this phenomenon happening?

Bitcoin : Hausse

A Hedge Against Market Volatility

While Bitcoin goes from zero to hero, the contemporary financial world shows signs of fragility. Key indicators of the global economy, such as the Dow Jones and the Russell 2000, are in decline.

In this context, the flagship cryptocurrency emerges as a robust alternative, a safe haven amid economic turmoil.

Jamie Coutts, a prominent Bloomberg analyst, puts forth a bold hypothesis: facing the inevitable depreciation of the currency from the U.S. government, Bitcoin could be the big winner.

Government bonds, on the other hand, could experience increased volatility, making durable assets even more attractive.

In a world filled with economic uncertainties, the crypto’s ability to preserve wealth positions it as a valuable financial instrument, both for individuals and institutions.

Bullish Projections for Bitcoin

While Bitcoin’s recent performance may have disappointed some enthusiasts, experts remain optimistic. There are numerous theories about preparing for a new upward trajectory.

One of the most intriguing analyses comes from an analyst known as Mags on the X platform. Mags relies on the Moving Average Convergence Divergence (MACD) technical indicator to predict the future of Bitcoin.

According to their observations, the MACD recently signaled a bullish crossover. If history is any indication, this sign is auspicious: the same phenomenon occurred in 2016, preceding Bitcoin’s sharp rise to $20,000.

If past trends persist, Mags suggests that Bitcoin could be worth $200,000 by mid-2025.

External Forces at Play

But the crypto sphere is not without challenges. It is currently facing macroeconomic and regulatory forces. Among these forces is the potential approval of a Bitcoin ETF by the U.S. SEC.

Recently, the SEC decided not to contest Grayscale’s ETF proposal. This development could give Satoshi’s invention the boost it needs to surpass the $27,000 mark.

Furthermore, Chanpeng Zhao, CEO of Binance, predicts that Bitcoin could reach a historic high of $61,000 by 2024. These forecasts, coupled with current trends, suggest a bright future for Bitcoin.

In conclusion, as the global economic landscape undergoes changes, crypto seems to position itself as a safe haven and a promising investment. The signals are there: Bitcoin’s major ascent is just beginning. It remains to be seen how this crypto titan will navigate the challenges and opportunities ahead. The journey promises to be exciting as Ferrari opens up to crypto payments.

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Evans S. avatar
Evans S.

Fasciné par le bitcoin depuis 2017, Evariste n'a cessé de se documenter sur le sujet. Si son premier intérêt s'est porté sur le trading, il essaie désormais activement d’appréhender toutes les avancées centrées sur les cryptomonnaies. En tant que rédacteur, il aspire à fournir en permanence un travail de haute qualité qui reflète l'état du secteur dans son ensemble.

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.