Mike Alfred, a bitcoin investor and cryptocurrency commentator, believes the “big money bugs” are back and predicts the world's most valuable cryptocurrency will hit new all-time highs in February 2024, but will hit all-time highs again. . This increase, Alfred says, comes before the network finally halves its rewards for miners.
The “big money algorithms” as btc retests $53,000
Taking to X on February 20, the investor grades that “the big monetary things just changed” and that the bullish trend continues. At the time Alfred posted on
However, the bullish trend remains if you look at the arrangement of the candles on the daily chart. bitcoin has been rising, defying gravity for most of February. At spot rates, analysts including Alfred expect the currency to rise further, surpassing $53,000, a persistent resistance level. If this happens, and considering the strong breakout, buyers are likely to push prices towards $60,000 and potentially $70,000, as the investor predicts.
Still, it remains to be seen whether the bullish trend will continue. As of this writing, the breakup has been met with solid rejection. In particular, there appear to be “sell walls”, which are large sell orders parked at around $53,000. Still, optimistic bulls are hoping for a win, marked by a comprehensive close above this round psychological number.
The crypto community, including investors, is bullish on bitcoin. So far, expectations have been building for even more gains before halving. The bitcoin halving, an event set at the protocol level, will halve miner rewards, possibly inducing a supply shock, assuming current demand increases.
Currently, bitcoin supporters believe that the network will continue to find greater adoption as a medium of exchange and store of value. As the currency becomes deflationary after halving, the consensus is that prices, guided by historical performance, will rise.
bitcoin Traders Bullish as Billions Flow into Industry
While optimism reigns, bitcoin remains volatile despite recent institutional participation. Through bitcoin exchange-traded funds (ETFs), Wall Street players have found a regulated product to funnel billions into bitcoin, reading the number of coins mined in the recent past.
Still, the continuation of the bullish trend depends on other macroeconomic factors, including the state of monetary policy in the United States. In March, the United States Federal Reserve (Fed) will guide the interest rate regime. It's a decision that can lift btc to new levels as a store of value asset or force prices to fall as capital rotates into the dollar.
Featured image from Shutterstock, chart from TradingView
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