Dec 7, 2023, 13:49 GMT+5:30
In the midst of Bitcoin's remarkable ascent, crypto trader Christopher Inks foresees potential for further gains before a possible pullback. Emphasizing a historical pattern of a 61.8% retracement in past bull cycles, Inks suggests this trend may repeat. Speculating on the current surge, he anticipates Bitcoin reaching the upper 40s to lower 50s before retracing to the mid-30s.
Addressing concerns in a recent YouTube interview with trader Scott Melker, Inks acknowledges the overbought status on charts but asserts the resilience of Bitcoin's upward momentum. He draws parallels to previous cycles, highlighting instances like the drop from $14,000 to $3,000 at the onset of the last bull cycle and a comparable retracement during the COVID-19 pandemic.
Despite acknowledging the possibility of a 61.8% retracement, Inks deems a return to 20K levels unlikely. Instead, he predicts Bitcoin's ascent to the upper 40s or lower 50s before a retracement to the mid-30s. The crypto trader attributes the potential for a lower retracement to the upcoming halving scheduled for next year, which traditionally serves as a robust price movement catalyst.
Notably, the market's bullish surge is further fueled by speculations around the approval of a spot Bitcoin ETF. Investors anticipate increased capital inflow if approved, with optimistic predictions ranging from $100K to $150K for Bitcoin's price by December 2024.
While Bitcoin experienced a slowdown in the past 24 hours following its breach of an annual peak on Monday, currently exchanging hands at $43,907 with a 0.48% increase in the last 24 hours, the overarching sentiment remains buoyant, supported by factors such as the upcoming halving and ETF approval speculations.
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