• 29 May, 2024
News

Bitcoin on the Rise: Experts Predict Acceleration Towards $29,200

According to the latest market analysis by renowned crypto expert Michaël van de Poppe, Bitcoin has been  showing signs of a potential uptrend in the coming days. The CME gap for Bitcoin has corrected itself, bringing the value close to resistance levels for the second time. 

Notably, Michael van de Poppe tweeted that if the current trend persists and Bitcoin breaks through the $27,800-28,000 mark, then we could expect an acceleration toward $29,200:

The news of Bitcoin’s potential rise comes at a time when the funding for Ethereum has turned negative, suggesting a sooner bounce. While no one could predict the future, the current market sentiment seems to favor a positive trajectory for these cryptocurrencies.

Interestingly, investors would supposedly be pleased to learn that there is a good chance for the stock market to rise during pre-election years, despite the looming threat of a global recession. Crypto data analysts trying to beat Bitcoin tweeted about this development, stating that history shows there is an 85% chance of a stock market rise since 1900.

Significantly, it appears that the market is preparing for a potential bull run for Bitcoin, which would possibly be a new turn after the recent volatile conditions. Investors could breathe a sigh of relief as they wait for the market to confirm these predictions.

Despite the significant volume in DeFi, stable coins remain the bulk of the crypto market, making up nearly 89% of the 24-hour trading volume. Bitcoin’s dominance also continues to rise slowly, now standing at 45.80%. However, BTC/USD has seen a slight dip in the last 24 hours, currently trading at 27,400, down by 1.2%. As cryptocurrency prices fluctuate, it will be interesting to see how these trends impact the market in the coming days.

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