Crypto prices surged today, nearing immediate Bitcoin the crucial $38,000 level, prompting reflections on its significance by market expert Scott Melker. The crypto investor, also the host of The Wolf Of All Streets Podcast, identified $38,000 as a key resistance level. He also mentioned the potential to erase the contagion of 2022. After all, its importance in the current market context is undeniable.
The cryptocurrency has witnessed over a 100% surge this year, yet it remains considerably below its late 2021 all-time high of over $60,000. Analysts delved into the factors contributing to Bitcoin’s recent gains.
Insights from Analysts
Brett Sifling, an investment advisor for Gerber Kawasaki Wealth & Investment Management, highlighted Bitcoin’s strong correlation with the US tech market’s recent rally. He noted a ‘risk-on’ attitude prevailing in the market due to hopes of a soft landing from Fed interest rate policies.
Sifling also pointed to positive market sentiments following the Binance/CZ news. Some see it as a net positive signalling potential recovery from recent bear market blunders. Additionally, he highlighted the anticipation surrounding a Bitcoin ETF approval and the approaching Bitcoin halving event in April 2024.
Tim Enneking, Managing Director of Digital Capital Management, emphasized Bitcoin’s current profit momentum. He is attributing it to the four-year halving cycle and ETF rumours that have gained traction recently.
Standard Chartered’s Bitcoin Forecast
Standard Chartered Bank reiterated its April forecast, maintaining that Bitcoin is on track to reach $100,000 by the end of 2024. The bank identified the potential catalysts for this upward trajectory. It focused on the anticipated approvals of several US-based spot Bitcoin ETFs.
The bank’s team expressed confidence that these approvals will likely come sooner than expected, possibly in Q1-2024. They foresee this opening the doors for institutional investment, enhancing Bitcoin’s position as a branded safe haven.
In conclusion, the immediate Bitcoin ascending up towards $38,000 serves as a focal point for market participants, with experts analyzing various factors influencing its movement. Analysts explore various aspects, including Bitcoin liquidations, in understanding its movement. From market dynamics to expert forecasts, the cryptocurrency landscape remains dynamic and responsive to both internal and external stimuli. Investors continue to navigate this ever-evolving terrain with an eye on key levels and potential catalysts.
