Crypto Jelle, a cryptocurrency analyst and aficionado, has expressed optimism toward the price action of Bitcoin, highlighting the potential for the digital asset to revisit the $69,000 threshold in the short term.
Bitcoin Poised For Short-Term Gains
Due to waning interest in the cryptocurrency market, the price of Bitcoin fell by 5.60% to $66,650. However, the latest price decline does not seem to have dampened traders’ and analysts’ expectations for a sustained bull run, and one of those is analyst Crypto Jelle.
Crypto Jelle advocates for the largest crypto asset noting that although Bitcoin did not break $69,000 in one go, it appears that it is making a new higher low at this point. He believes that the coin could reach the aforementioned price again soon, urging investors to hold around the $66,500 price level. Thus, he advises the crypto community and traders to be patient, since the much-anticipated Bitcoin halving is approaching quickly.
Jelle underscored that new all-time highs for Bitcoin do not happen in one go. According to the analyst, every ATH breakout over the past years was preceded by a chopping period. As a result, a large number of people tend to lose hope in the crypto asset, prompting them not to invest in BTC. Given the recent performance of BTC, Jelle claims, we are witnessing the same thing occur once more.
Drawing attention to a bullish pennant formation, Jelle stated that Bitcoin currently appears to be getting ready to break out of this area. This is due to a strong bounce from the 4-hour Exponential Moving Average (EMA) 200, and now reaching an even higher low. Based on the development, the crypto expert anticipates the breakout to take place in the upcoming weeks.
Within the next 15 days, the Bitcoin halving event has been slated to commence. Given its past impact on BTC’s price, Crypto Jelle’s prediction could come to pass more quickly than anticipated.
Two Events Aside from Halving Considered To Boost BTC’s Price This Year
While the community is hoping for the halving event to improve prices, Lark Davis, a crypto expert has pointed out two other events that could impact the asset significantly, affirming a bullish year for BTC.
These include the United States elections scheduled to happen in November, and the Federal Reserve interest rate cuts. According to Davis, these events are equally as important as the halving event as they will propel the bull market even further.
With the stock market performing traditionally well, around 83% during an election, and Bitcoin being part of Wall Street, BTC is expected to rise. Davis then mentioned the three rate decreases that Goldman Sachs said would occur in 2024, starting in June.
It is worth noting Goldman Sachs predicts that the terminal interest rates will fall between 3.25% and 3.5%. Davis believes these reductions will increase market liquidity and encourage investors to invest more in cryptocurrency assets.
Featured image from iStock, chart from Tradingview.com
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