Bitcoin
Bitcoin (BTC) Price Is Poised for a Recovery to New ATH; Here are the main reasons
After being stuck in a correction mode for the past six weeks, Bitcoin (BTC) price has established a robust support zone of around $61,000. With increasing demand for the flagship currency from institutional investors following the recent approval of the spot BTC ETF in Hong Kong, more crypto traders led by CriptoCapo I believe a recovery is on the horizon.
Why bet on Bitcoin price recovery soon
From a technical perspective, Bitcoin price has been forming an inverted head and shoulders (H&S) pattern, supported by a bullish divergence in the Relative Strength Index (RSI). According to market analysis conducted by Glassnode, Bitcoin’s macroeconomic upward trend is the most resilient in its entire history.
As a result, popular crypto analyst known as PlanB believes that Bitcoin price could enter the parabolic phase in the coming months based on the stock-to-flow (S2F) model. Previously, Plan B indicated that the price of Bitcoin is on track for at least $300,000 in this bull cycle, with a high chance of rising beyond.
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As the US elections approach, leading candidates Joe Biden and Donald Trump are at odds on the topic of crypto, especially altcoins. On Wednesday, the US House of Representatives voted to pass a resolution against SEC guidance that banks are deterred from holding digital assets.
Although current US President Biden has promised to veto the bill, former President Trump has promised to defend the crypto market if elected later this year. Meanwhile, demand for Bitcoin remains high as more institutional investors flee the highly inflationary fiat market.