Bitcoin BTC and the broader crypto market have experienced a dramatic recovery over the last year, with Bitcoin prices up 100%, Ethereum up 60%, and XRPXRP up 35%.
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Bitcoin price has surpassed $50,000 per Bitcoin, Bitcoin market cap has exceeded $1 trillion (although more shocks are on the horizon), and the broader crypto market, including major coins Ethereum and XRP, has It exceeded $2 trillion.
Now, as Russian President Vladimir Putin stokes concerns that Joe Biden is killing the U.S. dollar, one of the high-profile Bitcoin and crypto analysts has raised his Bitcoin price target, making traders bullish. The authors point to a perfect storm of factors that could drive the Bitcoin/cryptocurrency market higher. In the coming months.
Bitcoin's historic halving, which is expected to cause turmoil in cryptocurrency prices, is just around the corner. Sign up for free now crypto codex—Stay ahead of the market with our daily newsletter for traders, investors, and anyone interested in cryptocurrencies.
“Bitcoin appears to be targeting $57,000 as the next resistance level, and given Bitcoin’s performance during previous halvings, the next leg is increasingly likely to move higher.” Markus Thielen, head of research at 10x Research, said in an emailed report.
Thielen and other Bitcoin and crypto market watchers attribute the recent Bitcoin price rally to continued inflows into the newly created Spot Bitcoin exchange-traded fund (ETF), which is expected to arrive in April. It points to an impending reduction in Bitcoin's supply known as the halving.
“Overall, market structure is healthy, with futures positions built and USDT Tether USDT Mint supporting crypto inflows, while Bitcoin ETF inflows remain strong,” Thielen wrote. Ta. “Cryptocurrency stocks remain undervalued and will continue to attract buyers and Wall Street attention, especially after Coinbase's strong earnings.”
This week, Wall Street giant JPMorgan abruptly changed its stance on Bitcoin and crypto exchange Coinbase, thanks to the emergence of institutional investor “fomo.”
“Bitcoin has a significant directional influence,” Thielen added, adding that stocks such as Ethereum, XRP, and other major coins are likely to rise or fall with the price of Bitcoin. he claimed.
Ben Weiss, CEO of Bitcoin ATM operator Coinflip, said in emailed comments that “Bitcoin prices are rising and innovation is ramping up globally as we head into an election year. “The upcoming Bitcoin halving is approaching.”
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Bitcoin bulls also point out that an expected Federal Reserve rate cut could fuel further price gains.
“Since Bitcoin has returned more than $50,000, [the] average investor [is] I wondered again, “Did I miss an opportunity to buy?” The answer is a hard no,” says Anthony Scaramucci, founder of hedge fund SkyBridge Capital. Posted To X.
“Interest rates are going down, spot ETFs are driving billions of dollars of new inflows, and they're going to be halved in two months. In my opinion, we're going to see a face-breaking rally.”
Last week, influential crypto trader Arthur Hayes predicted that the Fed's reversal would cause Bitcoin's price to soar to $1 million, giving it a market cap of around $20 trillion.
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