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Bitcoin will experience a massive bullish rise in the next 50 to 100 days.
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The leading digital asset failed to show gains after the halving.
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Bitcoin’s price dropped below $60,000 earlier this year.
Crypto Rover, a prominent X (formerly Twitter) analyst, believes that Bitcoin (BTC), which is the world’s most popular cryptocurrency, will see a huge surge in the next 50 to 100 days. The top digital currency experienced a halving in April, reducing the amount of cryptocurrency available for mining.
In this post, an analyst pointed out that previous Bitcoin halvings led to the market leader reaching newer all-time records a few month after the event. The analyst suggested that BTC could reach new highs soon as the demand for digital assets increases.
According to CoinMarketCap data, Bitcoin is currently trading at $59,000 with a 0.71% decline in the last 24 hours. BTC dropped as low as $57,768.53 on the first day of trading. The bulls then took advantage of the low price and sent the digital asset up to its daily high of $58,896.89.
BTC reached an all-time high in March of $73,750 after the Securities and Exchange Commission approved spot Bitcoin ETFs in the United States. However, it didn’t perform very well following the halving. The analyst believes that the effects of reduced supply will be seen in the fourth quarter of this year.
Bitcoin has dropped by 8.10% in the last seven days and by 10.47% over the past 30. BTC is down 20.13 % from its all-time peak and its monthly high is $65,593.24. The market cap of the cryptocurrency is $1.16 trillion, while its 24-hour volume is $27billion.
The TradingView chart shows that the Relative Strength Index (RSI) is at 44.98. This confirms that the bears have a general grip on the BTC price. However, the slope of the line indicates that a slow movement will continue over the short term.
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