Experiencing a resurgence in both institutional adoption and growing interest from individual investors, Bitcoin has once again gained momentum within the cryptocurrency market. As of the time of writing, BTC is trading above $31,000, prompting experts to predict a potential rally that could push its value to $36,000. This significant surge in price has reignited optimism among cryptocurrency enthusiasts, who eagerly anticipate further upward movement in the coming days.
BTC experienced a setback in June, dropping to the $24,800 range due to SEC lawsuits against two major crypto exchanges, Binance and Coinbase. However, the recent flurry of BTC ETF filings from prominent asset managers like BlackRock and Fidelity Investments has sent a positive wave across the crypto market, leading to a rebound in Bitcoin price.
Bitcoin Analyst Forecasts Potential Surge to $36,000
Katie Stockton, the founder and managing partner of Fairlead Strategies, believes that the recent rally in Bitcoin is just the beginning, suggesting further upside potential. Analyzing the BTC price breakout projection and a volatility index breakdown, Stockton, a Chartered Market Technician and ETF portfolio manager, noted that BTC might be heading towards $36,000 after its impressive pullback from the $25,000 support level.
During a recent analysis session on CNBC’s Squawk Box, Stockton stated, “For Bitcoin, we saw a pullback into that $25,000 support area, and it’s resumed higher. We think there’s upside to about $36,000 based on the projection from the last breakout.”
While BTC closed above $31,000 for the first time in over a year, Joe Kernen, a host on Squawk Box, cautioned traders not to expect a new all-time high in Bitcoin price so soon, emphasizing the absence of a sellout bottom. Kernen suggested that a sustainable bull market would require capitulation.
Despite persistent bearish pressure, BTC exhibited resilience, signaling a resurgence of bullish sentiments in the market. Yesterday, BTC closed with a 1.27% gain, maintaining its hold above $31,000. However, the asset faced a bearish start today, resulting in a decline below the psychological level. Currently, Bitcoin is changing hands at $31,057.
As Bitcoin continues to capture the attention of institutional and individual investors alike, the crypto community closely monitors its price performance and experts’ predictions. With the potential for further upside, traders and enthusiasts eagerly await the next moves in the BTC market.
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