Crypto Expert Predicts 64K Bitcoin Price in 2024 Amid Weakening Dollar
Bitcoin bulls are currently facing a challenge as they attempt to surpass the $64K resistance level. However, if they succeed, this could trigger a significant rally in the cryptocurrency. According to Anthony Pompliano, the recent surge in Bitcoin’s price can be attributed to macroeconomic factors, such as the devaluation of the US dollar and increasing investor interest.
Despite some fluctuations in price, positive indicators suggest that the market may be gearing up for a bullish shift. Bitcoin bulls have been relentlessly trying to break through the $64K level, which was last attained in late August. After four days of unsuccessful attempts, the pressure is mounting as bearish sentiment starts to creep in.
If the bulls manage to surpass this level, the next resistance point to watch out for is around $68K. This could mark a significant turning point in the current rally, potentially leading to further gains.
Anthony Pompliano, in his latest video, shares an optimistic outlook on Bitcoin’s price trajectory in the current bull market. He believes that the ongoing devaluation of the US dollar by central banks and politicians plays a crucial role in driving the price surge. As more money is being printed and interest rates are lowered, the value of the dollar decreases. On the other hand, Bitcoin, with its limited supply of 21 million coins, benefits from this environment.
Pompliano argues that Bitcoin’s price is not only influenced by its own strengths but also by larger economic trends. As the dollar loses value, more individuals are likely to seek alternatives to safeguard their wealth. Bitcoin, being decentralized and not controlled by any government, becomes an attractive option for those looking to hedge against inflation and currency devaluation.
Furthermore, Bitcoin is gaining recognition as a legitimate asset, and as more people become aware of its advantages, demand is expected to increase. This growing demand could further drive up the price of Bitcoin. Pompliano encourages viewers to share their predictions, fostering discussion and engagement among Bitcoin enthusiasts.
Pompliano emphasizes that Bitcoin is not just a risky investment, but also a safeguard against economic policies that devalue traditional currencies. As the month comes to a close, optimism is growing for what is being dubbed “Uptober,” signaling hopes for a bullish shift in the market.
Although Bitcoin’s price has experienced a slight dip and the RPL ratio has dropped, indicating some early losses, most transactions are still above their original purchase prices. Additionally, the increase in large transactions, particularly those exceeding $100K, indicates a growing bullish momentum, pushing against the resistance at $64K.
Will the bulls finally break through and ignite a short-term rally? The market indicators are leaning towards an upward trend, but only time will tell.