Bitcoin Analyst: $73,800 BTC Sale Will Be “Disastrous”
Bitcoin is optimistic but below August highs. Despite pockets of strength and strong market sentiment, the CoinMarketCap survey suggests purchasers should do more.
The $74,000 Bitcoin Sale Will Be “Disastrous” Breaking $65,000 and $66,000 barriers might unleash a demand tsunami that could push the currency to record highs. Roadblocks will occur at $70,000 and $72,000.
One X expert cautions that selling at all-time highs would be a “disastrous” blunder if buyers take command and the currency retests. He thinks quitting at $74,000 is “way too early” since the currency might soar.
The coin stays positive technically. Despite the decline following the March 2024 rise to an all-time high, buyers dominate the monthly chart. BTC prices are in a bull flag. A closure above the resistance trendline might confirm Q4 2023 and Q1 2024 gains.
Technical candlestick shape may benefit bulls, but analysts say underlying issues are more important. The expert believes selling at $74,000 will be a mistake since the People's Bank of China (PBoC) is infusing cash into the economy.
The expert noted that the central bank unveiled a 10-point easing strategy to boost the Chinese economy. Injecting money and cutting rates might benefit the world. Bitcoin may benefit from more accommodating monetary policy from China, Japan, and the US due to rising global liquidity.
Bitcoin may also benefit from the decreasing USD index. Other economies, notably Europe, may help their economy when the dollar declines.
This would attract money to physical assets like Bitcoin. Gold is nearing record highs, and Bitcoin may follow if investors purchase both to avoid high inflation.
The analyst also noted that the US approved BlackRock's proposal to list and trade Options for IBIT, their spot Bitcoin ETF. With banks like BNY Mellon expressing interest in Bitcoin custody, fund managers may start taking BTC for their customers.
