Leading cryptocurrency that failed in its attempts to surpass $25,000 bitcoin As it continues its horizontal course, from the famous crypto money analyst Charles Edwards BTC bull comment for
of January BTC pointing out that it is very important for Charles Edwards He said that Bitcoin is performing very well.
Stating that he expects a rise in Bitcoin, unlike analysts who expect a decrease in Bitcoin, Edwards listed nine reasons for BTC to be in bull mode.
“The first reason is that Bitcoin has emerged from a multi-month low-value period defined by many on-chain metrics, including the cost of electricity and trading.
Historically, this has been the global price floor for Bitcoin. The current bear market was the second longest period Bitcoin has spent in electricity cost.
The second reason is the incredibly fast recovery after the FTX crash.
We have overshadowed the price drop of the 3 biggest scams in human history in just 2 months.
The third reason is a major technical price confirmation at $20,000, the most important price level on the Bitcoin chart.
Another reason is that Bitcoin is entering a new bullish momentum confirmed by multiple long-term moving averages and the daily averages are heading upwards.
….”
Referring to the halving that is expected to take place in 2024, Edwards thinks this halving will be the most important halving of all time for Bitcoin and sees it as another reason for the bull.
“We are in the timing of the halving cycle where Bitcoin typically bottoms out. Bitcoin has bottomed 12-18 months before each halving in the past.”
The analyst also stated that he sees Bitcoin’s decline of more than 80% at the end of 2022 as a reason for bulls. “Bitcoin has reached its biggest pain point with a price cut of over 80%.” said.
As the last reason, Edwards cites that he expects the FED to slow down in interest rate hikes and make policy changes in 2023.
This change in the Fed bitcoin He thinks it will open the door to a big rise for him.
January was massive for Bitcoin, not just because price went up a lot. I believe it was the start of the bull market for Bitcoin for these 9 reasons:
— Charles Edwards (@caprioleio) February 28, 2023
*Not investment advice.
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