The post Bitcoin (BTC) in ‘Supercycle’: Economist Alex Kruger appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Discussion is ongoing about whether the market has entered a supercycle in light of Bitcoin’s recent surge. Economist Alex Kruger asserts that this cycle is unique, pointing to a revolutionary change in the way the cryptocurrency sector is viewed and incorporated into international systems. Bitcoin’s consistent growth trajectory and recent break above $100,000, which cemented its position as the market leader, lend credence to this opinion. The trend shows a distinct breakout from its previous downward channel, seen in the provided Bitcoin chart, below. Bitcoin has been steadily rising over the past few months and is currently consolidating between $98,000 and $100,000. BTC/USDT Chart by TradingView This consolidation creates short-term resistance at the six-figure mark by hinting at market participants taking profits. Bitcoin is still backed by solid fundamentals, though, and there is a lot of buying activity at lower levels, especially between $93,000 and $84,000. Higher highs and few retracements are indicative of a longer bullish phase, which is implied by a supercycle. A supercycle, as opposed to conventional cycles, propelled by speculative hype, depends on fundamental changes like institutional adoption, regulatory clarity and technological advancements. It appears that these elements are working in Bitcoin’s favor, setting it up for future growth. Additionally, the chart displays a robust rise in trading volume during recent price spikes,…

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Filed under: News - @ December 9, 2024 10:26 am