• 29 May, 2024
News

Crypto Analyst Sets Key Target for Bitcoin’s Bull Run Revival

In the ever-volatile world of cryptocurrencies, Bitcoin (BTC) navigates choppy waters as global geopolitical tensions send shockwaves through the financial markets. Bitcoin has encountered a bearish sentiment, losing nearly 3% over the past week. Yet, a glimmer of hope for a potential rally persists.

Renowned crypto analyst Ali Martinez shared his insights in X post that the key to rekindling the dormant bull run lies in Bitcoin’s ability to secure a sustained close above the $28,233 mark. This realization stems from the warm supply indicator, a metric that analyzes the less active component of short-term holder supply and the associated realized price. The average price is weighted by the supply at which market participants acquire digital assets.

Crucially, the warm supply realized price for Bitcoin stands at $28,233. It signifies the pivotal level at which the premier decentralized finance (DeFi) asset must conclude to pave the way for another potential bullish surge.

Meanwhile, distinguished crypto trader and analyst Crypto Tony weighed in on the situation. He emphasized the importance of monitoring the Consumer Price Index (CPI) in today’s market landscape. Crypto Tony cautioned against an overly optimistic outlook, expressing his short position.

Source: Chart by Crypto Tony

In a recent post on platform X, Crypto Tony has expressed a keen interest in the Consumer Price Index (CPI), stating:

All eyes on the CPI today, but I remain short while we hold below that level. Clean levels and we play accordingly.

Currently, the price of Bitcoin stands at $26,745, marking a 1.43% decline in the past 24 hours and a 3.44% drop over the previous week. However, according to Coin Market Cap, the cryptocurrency has secured a 3.66% gain over the last month.

For Bitcoin to triumphantly return to its former glory, it must shore up its position and add 5.35% to its current value to surpass the crucial $28,233 threshold. Nevertheless, anyone well-versed in cryptocurrencies knows that surprises lurk around every corner, making predictions in this dynamic industry precarious.

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