Hello everyone, I am Akan from the Direction Community.

Bitcoin prices have reached a 17-month high, the highest level since May 2022. There are multiple reasons for this rise, and it cannot be simplified to a single factor. BlackRock's BTC spot ETF reappeared on the DTCC website and is considered one of the reasons for this rise. In addition, there are some more influential factors: #BTC

Bitcoin Halving: Bitcoin halving is coming soon, with less than 6 months to go. The cryptocurrency community generally expects that Bitcoin halving will kick off the next bull cycle. Analysts believe that now is the best time to invest in altcoins as venture investors are eager to provide financial support.

Accumulation by key investors: Large addresses holding between 100 and 1,000 BTC have been accumulating Bitcoin since September 21. In one month, this group’s Bitcoin holdings increased by 50,000 BTC, worth $1.7 billion. Their holdings increased from 3.85 million BTC to 3.9 million BTC.

Technical analysis: Bitcoin price doubled in a short period of time, breaking through the 61.8% Fibonacci retracement level and successfully breaking through the 78.6% Fibonacci level. This strong rebound may continue to push Bitcoin price up, setting a target of $35,000.

Market sentiment: As Bitcoin prices continue to rise, market sentiment is clearly high. Multiple factors, such as the upcoming Bitcoin halving, pressure on the US banking industry, and rising US Treasury yields, have combined to drive prices higher. Although there may be short-term fluctuations, the Bitcoin price trend is bullish in the medium and long term.

In general, the rise of Bitcoin is driven by a variety of factors, including market sentiment, changes in supply and demand, technical analysis, etc. Although there is the possibility of short-term fluctuations, in the medium and long term, Bitcoin may continue to rise, especially driven by events such as Bitcoin halving. This provides investors with a good opportunity to deploy Bitcoin.

Okay, that’s all for today’s explanation. I hope it will be helpful for your investment. See you next time.