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Bitcoin, the world’s largest and most well-known cryptocurrency, has had quite the rollercoaster ride over the past several years. Initially used as a digital currency, Bitcoin has rapidly gained attention amongst both expert investors and the general public. Although it may have experienced its fair share of peaks and troughs, a new bullrun could be in sight, according to critical analysis of a technical indicator. With the upcoming Bitcoin halvening and progress of ETF applications in the US, we may yet see an surge in Bitcoin growth.
The indicator in question is the “rising channel”, a tool used by stock-watchers to identify levels of support and resistance. For Bitcoin, traders project positively that a bounce through the upper resistance level at $32,000 could trigger this renewed rise, with possible prices as high as $175,000 flagged. Of course, these forecasts should not be taken as gospel; the cryptocurrency trading landscape is notoriously unpredictable. Nevertheless, there are many reasons why some investors remain confident.
Firstly, the adoption of Bitcoin by more and more vendors has seen increased demand for the asset, driving it forward. Additionally, some view the currency as a safe havens for their finances at times of economic insecurity; a form of silver to gold. The most recently held halving event in may 2020 and the ever nearing bubble of Bitcoin ETF applications could be further potential triggers for Bitcoin’s future success.
Understanding the sentiment expressed in this grandiose prediction should be met with a cautioned optimism and thorough research. No trader can give the ultimate guarantee as to the exact financial outcome for Bitcoin. Bitcoin has tasted success however and hints at so much more potential, only true will tell if it can reach its predicted heights.
