The price of Bitcoin has once again surged bullishly, surpassing the $70,000 mark and indicating a strong momentum for an upward movement. Renowned cryptocurrency expert, Crypto Jelle, has made a bullish forecast for the crypto asset, predicting a price level of $82,000 in the short term. Jelle pointed out that after a fakeout, Bitcoin retested the cycle highs of 2021, bounced back, and then broke out once more. He stated that BTC now faces the final hurdle before reaching new highs, which is breaking and holding above $71,500. Once this milestone is achieved, Jelle believes that a rally towards $82,000 is imminent. While some investors are concerned about the immediate 3% move, the higher timeframe chart suggests a more optimistic outlook. Jelle advises patience and holding onto investments to benefit from the potential growth in the coming months.
Impending Halving Event Impact
With the upcoming halving event expected to take place soon, Jelle’s prediction could materialize in a short period. Historically, halving events have had a significant impact on Bitcoin’s price. If this year’s halving follows past trends, BTC could see a surge to $82,000 within weeks and potentially reach even higher levels. Some analysts speculate that the event could propel Bitcoin to $150,000 before the end of the year. Currently, Bitcoin is trading at $70,344, reflecting a 1.84% increase in the past 24 hours. Both its market cap and trading volume have also risen by 1.87% and 13% respectively during this period.
Another analyst, Adrian Zidanic, has also forecasted a bullish trajectory for Bitcoin, envisioning the price surpassing the $80,000 mark. Zidanic highlighted a bullish ascending triangle formation in the Bitcoin chart during the consolidation phase, predicting a breakout soon with a target price of $86,500. While his projections lean towards a positive scenario unfolding in the near future, Zidanic remains cautious. Tony Edward, the host of Thinking Crypto, shared Zidanic’s insights and expressed optimism about Bitcoin’s potential post-halving. Edward believes that the price could potentially reach $90,000, emphasizing a range between $85,000 and $90,000 and advising the community to exercise patience in their investments.
It is essential to note that the information provided in this article is for educational purposes only and does not reflect the views of NewsBTC on investment decisions. Investing in cryptocurrencies carries inherent risks, and individuals are encouraged to conduct thorough research before engaging in any financial activities based on the information provided here. It is crucial to assess all risks associated with investments and use the information on this website at your own discretion.
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