The post Bitcoin awaits ‘trigger to explode upwards,’ according to analyst appeared on BitcoinEthereumNews.com.

Although Bitcoin (BTC) has had lackluster performance in the past weeks and months, this situation might change for the better in the near future, and the maiden cryptocurrency could explode upwards if it finds the necessary catalyst that would provide this push. Specifically, Bitcoin seems to be in the early phases of a bull market, but its price performance is still largely moving in a sideways trend, which would change with a strong enough “trigger to explode upwards,” according to the observations shared by renowned crypto market expert PlanB in an X post on September 16. Bitcoin market cycles. Source: PlanB Indeed, PlanB’s chart shows Bitcoin’s exponential growth from under $1 in 2010 to the projected price of $100,000 in 2025 on a logarithmic scale, with data points categorized into four different market phases – bull market, distribution, bear market, and accumulation – that BTC follows cyclically. Furthermore, replying to a comment suggesting that developments surrounding the former United States president and current presidential hopeful Donald Trump, such as his victory, could be among these triggers, the crypto expert said that this might well be true: “Trump could indeed well be that trigger because when elected, he will get rid of Gensler, Warren, and current anti-bitcoin democrat Biden/Harris government.” Elsewhere, in an earlier X post, PlanB stressed that Bitcoin miners were “still struggling with the aftermath of the halving” that has cut in half the previous block reward, and that the price of Bitcoin would need to double in order to “kick-start the bull pump” – and a trigger event might, indeed, suffice. Bitcoin miner revenue. Source: PlanB Bitcoin price analysis For the time being, Bitcoin is changing hands at the price of $58,550, recording a decline of 2.87% in the last 24 hours, advancing 5.76% across the previous seven…

---

Filed under: News - @ September 16, 2024 1:26 pm