Bitcoin, as the pioneer of the cryptocurrency world and one of the most popular digital assets, has recently exhibited a significant upward trend. As of today 66,319 Bitcoin, which reached a local peak at a price of $ 200,000, is only 3.83% away from the all-time high of $ 68,999 recorded in November 2021. This impressive rise attracts the attention of everyone who keeps their finger on the pulse of the cryptocurrency market and shapes the expectations of investors.
There are various factors behind Bitcoin’s increase of up to 50% this year. Specifically, listed in the US Bitcoin Increasing interest in ETFs, increasing institutional demand and the upcoming halving Factors such as the (halving) event create a positive atmosphere in the market. These factors support this strong rise in Bitcoin’s price and strengthen positive expectations about the future.
However, there is a significant consensus among market experts that Bitcoin may experience an imminent correction. These experts argue, based on past bull markets, that Bitcoin has gone through major corrections to its peak in each bull cycle and that such a correction has not yet occurred. This sentiment suggests that Bitcoin’s price is overvalued based on past performance and may need a short-term correction.
However, there are also those who oppose this idea among market experts. In particular, some experts, such as local cryptocurrency traders Emre Torlak, emphasize that current market conditions are significantly different from past cycles. Emre Torlak made a statement on Twitter/X today. in sharingargued that the current situation is different from previous cycles and therefore a different analysis should be done rather than expecting the same results.
In the last bull, that is, 3 years ago, Bitcoin fell from $65,000 to $29,000 in 1-1.5 months. Market conditions then and now are very different. I do not expect a similar situation. Of course, there will be corrections, but a similar decline like this can only happen if a big fud is created.
— Emre Torlak (@locksmithcrypto) March 4, 2024
NEWS CONTINUES BELOW
Torlak reminded that Bitcoin experienced a rapid decline in a bull market in the past, and stated that this decline had significant differences between the market conditions of that time and the current situation. However, he acknowledged that corrections were inevitable, but noted that a similar decline could occur in a situation of great fear and uncertainty. He also emphasized that Bitcoin is now very strong and the total value of the crypto market is still 25% away from its peak.
On the other hand, the popular trader thinks that huge investments have just entered the crypto market and the real excitement has not started yet. Therefore, he argues that the market still has great potential and predicts further upside in the future. He also explained that he created his portfolio and completed his purchases before the rise started. He emphasized that although he has made good gains, he continues to move towards his goals.
These words appear as a reflection of Torlak’s confidence and strategy in the market.
Amid conflicting opinions among market experts, it is difficult to make a clear prediction about the future of Bitcoin and cryptocurrency markets. However, market participants can create their own strategies, taking into account different perspectives. In any case, Bitcoin’s price fluctuations indicate an exciting journey in the cryptocurrency world and require investors to continue to follow carefully.
You can follow the current price movement here.
