Crypto Jelle, a cryptocurrency analyst and enthusiast, has done just that expressed optimism about Bitcoin’s price action, highlighting the potential for the digital asset to reach the $69,000 threshold again in the near term.
Bitcoin Poised for Short-Term Gains
Due to waning interest in the cryptocurrency market, Bitcoin’s price fell 5.60% to $66,650. However, the latest price drop doesn’t seem to have dampened traders’ and analysts’ expectations for a continued bull run, and one of those is analyst Crypto Jelle.
Crypto Jelle makes the case for the largest crypto asset, noting that while Bitcoin hasn’t broken $69,000 all at once, it looks like it’s making a new higher low at this point. He believes the coin could reach the aforementioned price again soon, and urges investors to hold on to around the $66,500 price level. Therefore, he advises the crypto community and traders to be patient as the long-awaited Bitcoin halving is fast approaching.
Jelle underlined that new all-time highs for Bitcoin won’t happen all at once. According to the analyst, every ATH outbreak in recent years has been preceded by a heel period. As a result, a large number of people tend to lose hope in cryptocurrencies, which drives them not to invest in BTC. Given BTC’s recent performance, Jelle claims, we are witnessing the same thing happening again.
Draw attention to a bullish pennant formation, Jelle declared That Bitcoin seems to be currently preparing to escape from this area. This is thanks to a strong rebound in the 4-hour Exponential Moving Average (EMA) 200, which is now hitting an even higher low. Based on the development, the crypto expert expects the outbreak to occur in the coming weeks.
Within the next 15 days, Bitcoin’s halving event will begin. Considering its past impact on the price of BTC, Crypto Jelle’s prediction could come true sooner than expected.
Two events aside from the halving are considered to boost BTC’s price this year
While the community hopes the halving will improve prices, Lark Davis, a crypto expert, has pointed out two other events that could have a significant impact on the asset, confirming a bullish year for BTC.
This includes the elections in the United States that will take place in November and the interest rate cuts by the Federal Reserve. According to Davis, these events are just as important as the halving because they will further fuel the bull market.
With the stock market traditionally performing well, around 83% during an election, and Bitcoin being part of Wall Street, BTC is expected to rise. Davis then mentioned the three rate cuts Goldman Sachs would take place in 2024, starting in June.
It’s worth noting that Goldman Sachs predicts final interest rates will fall between 3.25% and 3.5%. Davis believes these cuts will increase market liquidity and encourage investors to invest more in cryptocurrency assets.
Featured image from iStock, chart from Tradingview.com
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