It’s great to say goodbye to the gloomy, exhausting, and tiring atmosphere of bear markets and welcome the never-ending rise again. A significant portion of investors abandoned the bear market’s challenging environment and ignited the fuse for the expected bull season in 2024-2025. The price of Bitcoin was above $43,900 at the time of writing.
Bitcoin and Crypto are Rising
The king of cryptocurrencies has been rising steadily for about 3 months, and we are seeing a movement similar to when it was above $30,000. The stable rise reflects the risk appetite of hopeful investors for 2024. Moreover, according to CoinShares data for weeks, dominant net inflows indicate that institutional demand is alive.
During the toughest days of the bear market, we mentioned in Twitter Space broadcasts and analysis articles that downturns also come to an end. After Bitcoin‘s price bottomed out at $15,500, investors were reluctant to buy due to fear of $12,000. When the price exceeded $28,000, Capo, who said it was a big bull trap, gained attention, but buyers were still weak. The same things happened when BTC surpassed $30,000.
BTC quickly surpassed the $31,800 resistance but still couldn’t convince all investors. Now, as it approaches $44,000, there are still investors looking for an entry point for early short positions. Even if BTC surpasses $60,000 next year, we will see that some investors still do not believe in the rise. Just like investors who have been seeing every drop as a buying opportunity since $60,000, without being convinced of the downtrend in 2022. The only difference is the direction the price is going.
Crypto Expert’s Comment
Popular crypto analyst Michael Poppe shared his current prediction just a few minutes ago, as BTC is now about to surpass $44,000. Although he occasionally attracts attention with short-term mistakes, the analyst is proud of being right in the medium term because he never deviates from his goals.
Poppe shared the following chart and wrote:
“Bitcoin is progressing towards $48,500 to $50,500 before the halving.
It has done this in previous cycles, and we will probably see it again here.
As long as the price stays above $39,000, I am quite positive. Bitcoin is getting further away from the risk of dropping to $30,000 every day.”
According to the analyst, the first quarter of next year, until the end of March, the price can reach the mentioned levels. If it continues at this pace, surpassing its targets will not be surprising.
