Following a period of initial turbulence earlier this month, the Bitcoin has begun to show promising signs of recovery. BTC surged to the $66,150 level for the first time in nearly a month and is currently hovering around US$64,000.
A cryptocurrency expert has analyzed the current market conditions and recent price movements of Bitcoin, indicating that the leading digital currency is poised for further growth and has the potential to reach a new all-time high.
According to cryptocurrency strategist Michaël van de Poppe, the Ethereum-based cryptocurrency is set to gain significant momentum following the introduction of spot ETH exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC).
“Bitcoin is making a comeback. We can expect to see a continuation towards new all-time highs from here. After a brief consolidation period, I anticipate strong performance from ETH post-ETF listing,” van de Poppe stated in a social media post.
Van de Poppe’s analysis suggests that as long as Bitcoin maintains its position above the $60,000 threshold, the asset is likely to experience further upward momentum.
“Bitcoin is consolidating nicely within a four-month range. If it stays above US$60,000, we can expect it to continue its upward trajectory. With gold hitting new highs and yields decreasing, it won’t be long before Bitcoin follows suit,” he highlighted.
At the time of writing, the price of Bitcoin was quoted at US$63,983.24, representing a 1.0% decline over the past 24 hours.
Renowned cryptocurrency analyst Ali Martinez recently shared an optimistic outlook on Bitcoin’s price action, emphasizing the significance of maintaining levels above $62,500 to fuel a potential bullish rally towards new all-time highs.
“Bitcoin $BTC must hold above $62,500 to sustain its bullish stance and break through $66,250 to reach new all-time highs!” Martinez noted.
While the highest recorded price for Bitcoin stood at $73,737.94 on March 14, the current price is approximately 13.27% lower than this peak.
Disclaimer: The opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries inherent risks of financial loss.