Bitcoin Could Surge to $175,000 If Resistance Level is Broken, Analyst Predicts

1:03 am
July 23, 2023
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A rising channel that Bitcoin has been trading in for the past six years has caught the attention of an optimistic analyst. This channel has captured all of Bitcoin’s volatility and has yet to be broken. Despite recent fluctuations in price, the analyst sees a bullish indication that could potentially lead to a new bull run.

The analyst suggests that if Bitcoin breaks above the upper resistance level at around $32,000, it could trigger a new bull run that may see the cryptocurrency reach highs of $175,000. This forecast may seem ambitious, but considering the volatility of the crypto market, it cannot be dismissed. For instance, the last bull run took Bitcoin from under $10,000 to over $69,000 in less than two years.

Bitcoin is currently trading below $30,000, with resistance at $31,800. However, if prices surpass $32,000, it could be a bullish signal that marks the beginning of another upward trend.

There are a couple of potential factors that could contribute to Bitcoin’s rise. The upcoming Bitcoin halving event, where the rewards for mining new Bitcoin are cut in half, could provide the impetus for the cryptocurrency to reach new highs. Additionally, the approval of a Bitcoin exchange-traded fund (ETF) in the United States could increase institutional investors’ involvement and drive up demand for Bitcoin.

Despite previous rejections, the involvement of BlackRock, the world’s largest asset manager, in Bitcoin has been seen as a positive development. If a Bitcoin ETF is approved, it would legitimize Bitcoin as an investment asset and potentially boost prices.

FAQ

What is a rising channel in cryptocurrency trading?

A rising channel is a technical chart pattern that shows the price movement of an asset within two parallel trend lines. It indicates a series of higher highs and higher lows, suggesting an upward trend.

What is an exchange-traded fund (ETF)?

An exchange-traded fund (ETF) is an investment fund that is traded on a stock exchange. It usually tracks the performance of a specific index or asset, allowing investors to gain exposure to a diversified portfolio of assets.

What is Bitcoin halving?

Bitcoin halving is an event that occurs approximately every four years, where the rewards for mining new Bitcoin are halved. This event is programmed into the Bitcoin protocol and is meant to control the inflation of the cryptocurrency.

What is the significance of institutional investors in the crypto market?

Institutional investors have a significant impact on the crypto market as their involvement brings credibility and stability. Their large-scale investments can drive up demand and increase prices. Additionally, their participation in the market can attract more retail investors and contribute to the overall growth of the cryptocurrency ecosystem.

Summary

An analyst has predicted that Bitcoin has the potential to reach $175,000 if it breaks above a key resistance level. The analyst points to a rising channel that Bitcoin has been trading in for the past six years as an indication of a possible bullish trend. Factors such as the upcoming Bitcoin halving event and the approval of a Bitcoin exchange-traded fund (ETF) could contribute to Bitcoin’s rise. Despite its current price consolidation, Bitcoin’s volatility and previous market cycles make the bullish forecast plausible.


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