Anthony Pompliano Makes Bold Price Prediction for Bitcoins Bull Run in 2024
Bitcoin (BTC) bulls are setting their sights on the $64K mark, a crucial level they last reached in late August. After four consecutive days of failed attempts to break above this target, the bulls are facing increasing pressure to counter any bearish sentiments.
If they are successful in surpassing $64K, it could open the door to a new resistance level of around $68K, which would mark a significant turning point in their rally.
Crypto experts are optimistic about this wave and how far BTC will uphold its bull theory. Analyst Anthony Pompliano, in his latest video, delivers a bullish outlook on Bitcoin’s price trajectory during the current bull market. He argues that the ongoing devaluation of the U.S. dollar by central banks and politicians plays a significant role in the expected price surge.
As the Federal Reserve and other financial institutions continue to print money and lower interest rates, the purchasing power of the dollar diminishes. This creates a favorable environment for Bitcoin, which has a fixed supply of 21 million coins unlike fiat currencies.
Pompliano emphasizes that Bitcoin’s price is set to rise significantly, not only due to its inherent qualities but also because of macroeconomic trends. He points out that as the dollar loses value, more individuals will seek alternatives to preserve their wealth. Bitcoin, as a decentralized and sovereign form of digital money, is becoming increasingly appealing to investors looking for a hedge against inflation and currency debasement.
Pompliano also highlights the growing awareness and acceptance of Bitcoin as a legitimate asset class. As more people understand the benefits of holding Bitcoin, demand is expected to rise, further driving up its price. He expresses his enthusiasm about Bitcoin’s potential during this bull market and encourages viewers to share their price predictions, fostering a community of engagement and discussion.
Pompliano’s analysis highlights that Bitcoin is not just a speculative asset; it is a crucial safeguard against economic policies that undermine traditional currency values. As the month comes to an end, there is hope for a bullish shift in the market, often referred to as “Uptober.”
Despite a slight 0.37% decline in Bitcoin’s price and a drop in the RPL ratio indicating initial losses, most transactions remain above their original acquisition prices. Additionally, the surge in large transaction volumes, particularly those exceeding $100K, indicates bullish momentum challenging the resistance that is keeping Bitcoin below the $64K mark.
Will the bulls break through and ignite a short-term rally? Only time will tell, but the signs are undeniably pointing upward!