Bitcoin Floor: CEO Predicts $38,000 Will Be The Lowest BTC Goes
The post Bitcoin Floor: CEO Predicts $38,000 Will Be The Lowest BTC Goes appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) has been gathering some momentum in the crypto sphere lately, crossing the $60,000 mark against multiple analysts’ signals. The world’s leading cryptocurrency has been on a wild ride, with its price fluctuations going haywire during the past few weeks. Bullish Factors Driving Bitcoin Price One major driver behind the recent price surge in Bitcoin is the understanding that a spot Bitcoin ETF is likely to be approved by the SEC. With immense anticipation of such a decision from the SEC, which is likely to finally open the door for increased institutional investments in the cryptocurrency, many investors are risking an entrance at the current levels. Another factor that has been driving Bitcoin’s price has been the reduction in new BTC supply following the halving event in the second half of 2024. Generally, prices for Bitcoin have soared after halving by multiples, since the reduced supply directly correlates with higher demand and price. #bitcoin 200wma over $38k pic.twitter.com/olAw6BOjgz — Adam Back (@adam3us) August 21, 2024 Bitcoin’s 200-Week Moving Average Provides Strong Support Blockstream CEO Adam Back explained that the 200-week moving average of Bitcoin had risen past $38,000, a level that now provides solid support for the cryptocurrency. Indeed, the 200MA has repeatedly been treated as one of the most important indicators in Bitcoin analysis since the cryptocurrency never went below this moving average. Another revealing metric as far as new Bitcoin gains are concerned would be the holding patterns of the asset. According to information published by the online site BTCDirect, 69% of BTC supplying has not moved for a year or even longer. Of course, another instance of a lessening volume of BTC in circulation helps to alleviate selling pressure on the asset further, cementing a bullish thesis for Bitcoin. Bearish Factors To Consider At the time…
Filed under: News - @ August 23, 2024 2:11 am