Bitcoin (BTC) bulls aim for the $64K mark, a crucial level they last hit in late August. After four consecutive days of unsuccessful attempts to break above this target, the bulls face mounting pressure to counteract any bearish sentiments.
Success in surpassing $64K could pave the way for a new resistance level of around $68K, marking a significant turning point in their rally.
Let’s see how crypto experts see this wave and how far BTC will justify its bull theory.
Expect a Bitcoin Rally Soon, Says Analyst
In his latest video, Anthony Pompliano delivers a bullish outlook on Bitcoin’s price trajectory during the current bull market. He argues that central banks and politicians’ ongoing devaluation of the U.S. dollar plays a significant role in this anticipated price surge.
As the Federal Reserve and other financial institutions continue to print money and lower interest rates, the dollar’s purchasing power diminishes. This scenario creates a fertile ground for Bitcoin, which, unlike fiat currencies, has a fixed supply of 21 million coins.
Pompliano emphasizes that Bitcoin’s price is set to rise significantly, not merely due to its inherent qualities but largely because of macroeconomic trends. He points out that as the dollar loses value, more individuals will seek alternatives to preserve their wealth. As a decentralized and sovereign form of digital money, Bitcoin is becoming increasingly appealing to investors looking for a hedge against inflation and currency debasement.
Plus, Pompliano highlights the growing awareness and acceptance of Bitcoin as a legitimate asset class. As more people understand the benefits of holding Bitcoin, demand is expected to rise, further driving up its price. He expresses excitement about Bitcoin’s potential during this bull market and encourages viewers to share their price predictions, fostering a community of engagement and discussion.
“Uptober” Brings Hope
Pompliano’s analysis emphasizes that Bitcoin is more than just a speculative asset; it is a crucial safeguard against economic policies that undermine traditional currency values. As the month ends, there’s optimism for a bullish shift in the market, often referred to as “Uptober.”
Despite a slight 0.37% decline in Bitcoin’s price and a drop in the RPL ratio indicating initial losses, most transactions remain above original acquisition prices. Additionally, the surge in large transaction volumes, especially those exceeding $100K, indicates bullish momentum challenging the resistance to keeping Bitcoin below the $64K mark.
Will the Bulls breakthrough and ignite a short-term rally? Only time will tell, but the signs are undeniably pointing upward!
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