Despite the prolonged period of decline in Bitcoin’s value, analysts remain optimistic about a potential rebound. In addition to the uncertain market conditions, Bitcoin has now become a topic of interest in the US political sphere.
Renowned crypto trader and investor, Daan Crypto Trades, believes that Bitcoin (BTC) must surpass the $69,000 resistance level in order to reach a new all-time high. Although BTC’s price has recently dropped, sparking discussions within the crypto community, Daan Crypto Trades recognizes that the battle at the $69,000 level may be challenging and time-consuming. However, the trader believes that once the supply in this region diminishes and coins are transferred from the impatient to the patient, the outcome will be remarkable.
It is important to note that Bitcoin reached the $69,000 milestone during the 2021 crypto bull run. This level was tested again on March 5, following the approval of spot Bitcoin Exchange-Traded Funds (ETFs) in the United States. Despite numerous attempts, Bitcoin has remained below this mark for the past ten weeks or more.
CryptoJelle, another bullish analyst on Bitcoin’s future price movement, asserts that Bitcoin’s market structure continues to be strongly bullish. With a steady upward trend for over a year and consolidation just below the current all-time highs, Jelle believes that it is only a matter of time before the next significant increase in price.
Additionally, Jelle explains that BTC is currently retesting vital support levels after breaking out from a falling wedge pattern. Consequently, the analyst anticipates that a new all-time high for BTC is imminent.
Pseudonymous crypto analyst, CryptoCon, views Bitcoin’s recent price volatility as a normal and healthy part of price action. While acknowledging that Bitcoin has experienced 42 days of low volatility, CryptoCon believes that the next period of upward movement is on the horizon.
At present, BTC is trading at $67,624, reflecting a 1.24% decline in the past 24 hours. The trading volume has also decreased by 10.8% to $23.5 billion, while the market cap has decreased by 1.2% to $1.3 trillion.
Interestingly, there are speculations that Bitcoin could potentially be utilized to address the US debt crisis. Former US President Donald Trump recently consulted with Bitcoin Magazine CEO David Bailey on the possibility of utilizing Bitcoin to mitigate the country’s $35 trillion debt. Bailey and his team have been working with the Trump campaign to develop their Bitcoin and crypto policy agenda. On the other hand, President Joe Biden and his administration reportedly remain resistant to favorable crypto policies.
Overall, despite the current market conditions, there is a sense of optimism among analysts regarding Bitcoin’s future prospects.