Bitcoin’s recent performance has been a rollercoaster! After a strong start to 2024, reaching near $70,000 in May, August saw a bit of a correction. However, whispers of a new bull run are starting to emerge.
Here’s a breakdown of the recent trends:
- Market Consolidation: Bitcoin dipped slightly in August, currently hovering around $60,000. Experts on Google point to this as a potential consolidation period before another surge.
- Positive US Economic Data: The Fed’s hints towards rate cuts in September have injected optimism into the market. This could fuel a bullish run for Bitcoin in the coming months.
- Large Transactions & Long-Term Accumulation: While large Bitcoin transfers can cause temporary volatility, recent data suggests long-term investors are accumulating at a significant pace. This indicates strong confidence in Bitcoin’s future.
What do the experts say?
- “The charts and oscillators paint a different story than the recent price dip,” says a recent analysis from MarketPulse.
- “A survey of crypto experts predicted Bitcoin could surpass its all-time high within six months of the April halving event,” according to Exploding Topics. This halving, which reduces the number of new Bitcoins created, is seen as a bullish long-term indicator.
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P.S. Do your own research before making any investment decisions.
This information is not legal advice. Do your own research before making any decisions. Only invest what you can afford to lose and seek independent financial advice if needed. Understand the risks involved before purchasing any cryptoasset