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Bitcoin yet again has downplayed the common normal high expectations, revolving around the $62.6K mark, which is a whopping 25% hike in a mere three days, according to Santiment. As the cryptocurrency has been springing with speculations, some are forecasting that BTC might even rise above $70K and begin a new high with $75K.
📈 Bitcoin briefly crossed all the way above $62.6K, a +25% ascension in just over 3 days. As usual, average traders have been caught off guard.
Look for sudden increased excitement of potential $70K-$75K BTC prices, or $3.0K-$3.5K ETH prices, as respective top signals. pic.twitter.com/gNZ0rhF1tD
— Santiment (@santimentfeed) August 9, 2024Michaël van de Poppe, a well-known crypto analyst, compared this recent surge to a V-Shape recovery, likening the correction and crash, attributed to Jump Trading’s liquidation of crypto assets, to a Black Swan event similar to the COVID-19 crash. He remains optimistic, suggesting that as long as BTC holds above the $57,500 mark, we could see a new all-time high in September or October.
Global Adoption: The Bigger Picture for Bitcoin
Simultaneously, Ash Crypto mentioned that as the Bitcoin prices reaching the $100,000 mark have become a topic that everyone cares about in the cryptocurrency sector, it would happen much faster than we might think.
The bearish standpoint from some parties was voiced with the argument that BTC lost a third of its value, and concerns over market instability due to rate hikes and government stocks were stated; in contrast, Ash Crypto introduced a different viewpoint and gave a counter-narrative.
Bitcoin is going to $100,000 sooner
thank you think but…Most of you are going to say:
1. Bitcoin is down 33% and the bull run is over.
2. Entities are selling their Bitcoin. German Gov't, Mt. Gox, FTX Creditor.
3. The Bank of Japan is raising rates. The global market is…
— Ash Crypto (@Ashcryptoreal) August 9, 2024He highlighted that the German government has already exhausted its Bitcoin reserves, and neither Mt. Gox nor FTX creditors are selling off their holdings. Moreover, with the Bank of Japan putting a halt to further rate hikes and the Federal Reserve expected to cut rates in September, the financial environment might soon become more favorable for BTC.
Ash Crypto also mentioned that the institutional interest in Bitcoin is increasing. In particular, companies like MicroStrategy and Metaplanet are gathering money for investing in digital assets, and the institutions are starting to store their Bitcoin via ETFs by adding up to 700 of them in Q1 2024 alone.
It’s not without significance that Morgan Stanley has entertained the idea of turning to their wealthiest customers to consider Bitcoin ETFs, providing many good examples of the main adoption of cryptocurrency. However, as bitcoin is holding its ground in the global financial system by acquiring central reserves and requesting legal safeguards from different states, the outlook for the currency remains bullish.
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