Can Bitcoin Bulls Surpass $57,000 in the Short Term? Here are Expert Opinions

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Bitcoin With only a few days left until the upcoming halving event on the network, the cryptocurrency market is experiencing an increase in trading activity and market sentiment showing signs of the possibility of significant price fluctuation. At the same time, BTC reached a major milestone in the recent rally, surpassing the 0.618 Fibonacci retracement level for the first time before a halving event.

This development provides a solid foundation for the beginning of a new bull market and may indicate a different structure from previous cycles. Additionally, according to Michael Van De Poppe, Bitcoin is potentially nearing the top of a major bull market and prices could reach between $53,000 and $57,000 ahead of the upcoming halving event.

Bitcoin: Technical Status and Market Sentiment

According to short-term analysis by crypto analyst Ali Martinez, Bitcoin is currently forming a bullish ascending triangle pattern characterized by resistance at $50,200 and support at $50,000.

Traders pay attention to these levels because breaking through the resistance level indicates that the uptrend may be confirmed, while a pullback below the support level may only signal a temporary pause.

Additionally, the Crypto Fear and Greed Index had reached its highest value in November 2021, when Bitcoin hit an all-time high of $69,000. The index at its current “extreme greed” level indicates that buying activity may increase as a result of market sentiment. This emotional climate and technical structure presents a bullish phase for Bitcoin in the weeks before the halving event.

Corporate Impact and ETFs

The launch of spot Bitcoin ETFs in the US has been a significant impetus for the current volatility. According to Bernstein analysts, ETFs are expected to have an impressive impact that could generate large institutional investment flows into Bitcoin. This could cause prices to rise even further.

The proliferation of Bitcoin ETFs, its acceptance as a corporate means of payment, and its use as legal tender in countries such as El Salvador are signs that its mainstream adoption is increasing.

Bitcoin ETFs have emerged as a major driver in recent trading sessions, with nearly $1 billion pouring into these new investment vehicles. This indicates growing confidence among investors and indicates a maturing market that may be less susceptible to speculative fluctuations in the past.

However, Bitcoin’s spectacular recovery to $50,000 has not generated a surge in interest from the general public according to Google search trends. This discrepancy points to a market shift in which the current rally may be fueled by savvy investor activity rather than retail excitement. Resilient Bitcoin investors, often referred to as “Diamond Hands,” demonstrate their belief in Bitcoin’s long-term potential.

On the other hand, the latest US inflation report, with stronger than expected inflation figures, reduced interest rate cut expectations, putting slight pressure on Bitcoin and becoming a cause for concern.


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