With the renewed action of cryptocurrency buyers, the price of Bitcoin has exceeded the $36000 mark and has increased by 123% so far this year. Various catalysts are supporting the sustained rise in Bitcoin prices and driving a bullish recovery in the coming months
With the renewed action of cryptocurrency buyers, the price of Bitcoin has exceeded the $36000 mark and has increased by 123% so far this year. Various catalysts are supporting the sustained rise in Bitcoin prices and driving a bullish recovery in the coming months.
Assuming the Bitcoin spot ETF is approved this month, the Bitcoin halving event will arrive in 2024, and the increase in institutional interest will continue to drive up digital asset prices. In addition, the significant improvement in overall market sentiment indicates that it will continue to hit a new 52 week high this year.
Continue to purchase more Bitcoin!
Over the past four weeks, long-term holders of Bitcoin have achieved a rapid return of 63% and significant profits. Michael Saylor's MicroStrategy (MSTR), the largest public holder of Bitcoin, achieved significant unrealized gains of over $1.1 billion. As of November 1st, the company holds 158400 Bitcoins with an average price of $29609.65.
In addition, the bullish impact has spread to the New York Stock Exchange, with MicroStrategy (MSTR)'s stock price rising 49% in the past 30 days. Beyond the 34% increase in Bitcoin prices, the company's stock has performed better and continues to bet on Bitcoin.
In similar situations, Robert Kiyozaki, the author of "Rich Dad, Poor Dad," continued to promote the idea of holding gold, silver, and Bitcoin.
The BTC price chart shows a new high of 52W above $75000
The weekly time frame chart shows that Bitcoin prices have been steadily increasing since the beginning of 2023. Investors can track this trend by forming an upward wedge pattern, with the two trend lines of the pattern providing dynamic resistance and support for market participants.
However, with positive sentiment surrounding the approval of Bitcoin spot ETFs, Bitcoin prices have continued to maintain strong momentum since the second week of November. As a result, starting from the low point of $34542 on November 7th, token prices have surged by 10% in the past four days and reached a high of $38000.
In this rebound, the token price broke the resistance trend line of the wedge shape mentioned above, and the current trading price is $37100. The bullish breakthrough in Bitcoin prices from a chart pattern that only tends to rise reflects buyers' confidence in a more aggressive rebound.
If BTC prices show sustainability, buyers can extend the recovery trend by 24% to reach the $46000 mark.
A significant development of this expected rebound is that BTC prices will recover 50% of the decline trend from November 2021 to December 2022. This reflects early signs of a trend reversal.
In a larger timeframe, the expected rebound may break through the supply area of $46000. The price of Bitcoin may trigger a new bull market, reaching a 52 week high and possibly reaching $76200.
On chain data reflects the bullish impact on the price of Bitcoin
With the soaring price of BTC, there has been a significant increase in daily trading volume on the BTC network. In theory, the increase in asset trading is one of the fundamental growth factors of the network. These data can provide you with a deeper understanding of network usage and activity levels.
The daily transaction volume has significantly increased from a low of 251923 transactions on October 15th to 523831 transactions on November 10th, indicating an increase in participation and adoption rate of the Bitcoin network.
Bitcoin ETF sets a new record high
With Uptober's enthusiasm continuing, the cryptocurrency market has become extremely bullish after October 2023. The approval of the futures based ProShares Bitcoin Strategy ETF (BITO) in October 2021 is a key highlight of the Bitcoin ETF journey. It was launched as one of the most powerful ETFs in history, with assets exceeding $1 billion in just two days, continuing to attract people's interest.
According to ByteTree's data, the number of Bitcoin funds managed reached a record high of 863434BTC. Digital asset funds have broken through their old high since April 2022 and have attracted a large influx of funds in the past few weeks. Driven by increased opportunities to receive green signals from the US Securities and Exchange Commission, a large influx of funds indicates strong potential demand.
Another theory of halving bullish sentiment
As an alternative catalyst for sustained recovery and institutional interest, halving Bitcoin is a key event. The creator of the Bitcoin blockchain, Satoshi Nakamoto, reduced mining rewards by half due to pre programmed conditions in the Bitcoin blockchain.
In the upcoming "halving" event, the reward for creating new blocks will be reduced from 6.25 BTC per block to 3.125 BTC. As a periodic event, halving occurs after the 210K block is mined or every 4 years. This activity will continue until a complete supply of 21 million is met.
In April 2024, the halving of Bitcoin has proven to be a huge bullish catalyst for the entire cryptocurrency market. Due to a decrease in supply leading to an increase in demand, Bitcoin prices have a record of providing huge returns after halving.
Is it worth buying Bitcoin now, or is it too late?
Many retail investors regret not buying Bitcoin when it hit a low of $16000 last year, as BTC prices continue to maintain a positive trend in 2023. Considering the three-digit increase so far this year, the Yuan Dynasty cryptocurrency Bitcoin has surpassed the $37000 mark.
In addition, the above catalysts will continue to drive the bullish rebound of Bitcoin. Therefore, it may break a historic high of $69000 in 2023. In the long run, the price of Bitcoin is expected to exceed the $100000 mark in the coming year.
In short, now is the best time to buy Bitcoin.
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