đ The post-Bitcoin ( $BTC ) price is primed for a rebound towards the new ATH; Here are the main reasons highlighted first on Coinpedia Fintech News:
After being caught in a correction mode over the past six weeks, the price of #Bitcoin (BTC) has established a solid support zone around $61,000. With increased demand for the flagship coin from institutional investors, following the recent approval of the BTC spot ETF in Hong Kong, more and more crypto traders led by CryptoCapo believe a rebound is on the horizon.
Why bet on the next Bitcoin price rebound:
From a technical standpoint, the price of Bitcoin is forming an inverse head and shoulders (H&S) pattern supported by bullish divergence on the Relative Strength Index (RSI). According to market analysis conducted by Glassnode, Bitcoin's current macroeconomic bullish trend is the most resilient in its history.
Measured from the ATH of $73,000, Bitcoin prices have corrected by -20.3%, marking the deepest closing correction since the FTX lows in November 2022. That being said, this macro bullish trend still appears to be one of the most resilient in history, with relatively shallow corrections...
â Glassnode (@glassnode) May 9, 2024
As a result, popular crypto analyst alias PlanB estimates that the price of Bitcoin is about to enter the parabolic phase in the coming months, based on the stock-to-flow (S2F) model. Previously, PlanB had indicated that the price of Bitcoin was headed for at least $300,000 in this bullish cycle, with strong potential for rebounding beyond.
â PlanB (@100trillionUSD) May 9, 2024
Market outlook:
As the U.S. elections approach, major candidates, Joe Biden and Donald Trump, differ on the subject of cryptocurrency, particularly altcoins. On Wednesday, the U.S. House of Representatives voted in favor of a resolution contrary to the SEC's guidelines discouraging banks from holding digital assets.
While current U.S. President Biden has pledged to veto the bill, former President Trump has promised to maintain the crypto market if elected later this year. Meanwhile, demand for Bitcoin remains high as more institutional investors flee the highly inflationary fiat market.
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