Cryptocurrency strategists say that after Bitcoin surged above $26500 over the weekend, Bitcoin is preparing to rise significantly.Analysts say that Bitcoin may rise by thousands of dollars in the coming weeks and is expected to rise between $30000 and $35000
Cryptocurrency strategists say that after Bitcoin surged above $26500 over the weekend, Bitcoin is preparing to rise significantly.
Analysts say that Bitcoin may rise by thousands of dollars in the coming weeks and is expected to rise between $30000 and $35000. But will the rebound continue or will Bitcoin experience a pullback first?
As optimism grows, bulls are targeting $30000
CredibleCrypto, a renowned cryptocurrency analyst with over 300000 followers, stated in a video that the latest price increase in Bitcoin may be the beginning of a "larger increase".
He believes that if Bitcoin can decisively break through $28000, it may soar from $5000 to $10000 in just a few weeks. Other analysts also agree with this view and point out that Bitcoin has formed an upward triangle in a relatively short period of time, which is a bullish pattern that typically leads to significant breakthroughs.
But the correction may first cool down the cryptocurrency market
Despite optimism, Bitcoin is showing a downward trend after a significant increase this year. Some people believe that Bitcoin will experience a pullback after rising 17% in the past week.
CredibleCrypto acknowledges that the decline may seem logical, but suggests that Bitcoin may "only rise," and its aggressive trend has caught traders off guard.
He explained, "The biggest pain or situation that no one expected or may have caught many people off guard is just a sustained rise, without a significant pullback
Both bull and bear markets see opportunities
When cryptocurrency traders wait for Bitcoin's rise to lose momentum or rise, both bulls and bears see opportunities.
CredibleCrypto reiterated, "This could be the beginning of a larger upward trend," while also pointing out that "it makes sense to see the decline here
Decentralization provides stability in market volatility
The recent fluctuations in Bitcoin have highlighted the double-edged nature of the asset - significant price fluctuations may bring profits to some people and losses to others. However, the decentralized design of Bitcoin means that no single entity controls the market, allowing natural emotions to drive prices.
Stocks and other assets such as fiat currency are still linked to central authorities with significant control. The independence of Bitcoin provides unique protection through a diverse power structure. As Bitcoin matures, decentralization can bring stability and reduce the possibility of significant fluctuations.
History shows that Bitcoin still has room to run
Bitcoin has rebounded from several major sell-offs, with a decline of over 80%. Leading cryptocurrencies are resurrected from ashes every time, becoming even more powerful.
This elasticity is similar to how the Internet recovered from the bursting of the Internet foam and changed society. Or how personal computers became mainstream after the personal computer stock crash in the 1970s.
The market for breakthrough technologies often experiences significant fluctuations before they are fully utilized. Bitcoin has weathered these storms and seems ready for large-scale adoption. If history repeats itself, there may still be significant upside to this cycle.
Should you purchase Bitcoin before the next big rebound?
- The average US dollar cost can reduce your entry price and risk. Bitcoin fluctuates greatly, so buying during repeated declines can help avoid worrying about whether the market timing is perfect.
- Consider holding small speculative positions with high risk tolerance. In this way, if there is a sudden increase, you can participate while managing the overall risk.
Is Bitcoin ready to replace fiat currency?
- Not yet. Bitcoin still needs to address scalability challenges and high costs before becoming a global payment system. But the second tier solution is making progress.
- Widespread adoption takes time. The internet takes more than a decade to overturn traditional business. The second decade of Bitcoin has just passed - it is still in its early stages. Patience is the key.
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