Bitcoin’s Value Surges Beyond $64,000 Mark: Is the Second Phase of Bull Run Underway?
Bitcoin Enters Second Bull Run Phase, Predicted to Surge to $120,000 by 2025
Bitcoin has once again grabbed the attention of investors as it surpasses the $64,000 mark today. However, this surge in price has spelled trouble for short sellers, who have lost over $150 million in just a day.
Crypto expert Titan of Crypto declares that Bitcoin is now entering the second phase of its bull run, which could potentially lead to a profitable period for investors.
The recent price dip followed by the current rally is seen by Titan of Crypto as a signal for the beginning of the second phase of Bitcoin’s bull run. A monthly Bitcoin chart shared on social media reveals patterns that mirror previous cycles, indicating the possibility of significant price surges.
Analysts speculate that if Bitcoin breaks away from these repeating patterns, its value could soar. Projections suggest that Bitcoin could reach around $120,000 by early 2025.
Experts emphasize that corrections in bull markets are not setbacks but opportunities to strengthen investment portfolios. Another crypto analyst, Michaël, highlights Bitcoin’s resilience amidst economic data and the FOMC’s decision to maintain interest rates until November 2024.
Van de Poppe sheds light on the pre-FOMC sell-off, a common market phenomenon that often causes price dips before such events. Additionally, poor economic data has made it a challenging week for the Dollar Index (DXY), potentially driving investors towards assets like Bitcoin.
Despite recent fluctuations, van de Poppe remains optimistic about Bitcoin’s short-term outlook. He expects a correction to stabilize within the $60,000 – $61,000 range, predicting continued stability within this price bracket.
Currently, Bitcoin is trading at $64,295, showing an impressive 8.6% increase in the past 24 hours. The cryptocurrency’s market capitalization stands at $1.26 trillion, with trading volume surging by 16% to reach $33.4 billion, indicating heightened activity and investor interest in Bitcoin.
Did you know? Bitcoin Maximalist Michael Saylor predicts that XRP, ETH, BNB, and ADA will never have ETFs. What are your investment strategies for this potential Bitcoin bull run?