Bitcoin Will Take Off From $32,500, Says Analyst

Vignesh Karunanidhi
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Source: Forkast News

Bitcoin and other cryptocurrencies have encountered notable price fluctuations recently, influenced by various factors. Furthermore, one significant factor contributing to this volatility is the ongoing regulatory dispute involving the US Securities and Exchange Commission (SEC) and Coinbase and Binance.

However, Bitcoin had an ascending ride from its monthly low of $24,797 to its monthly high of $31,389. According to CoinMarketCap data, BTC is trading at $31,055, with a 0.3% hike in value over the last 24 hours.

Also read: Hong Kong Encouraged to Enter Stablecoin Realm With HKDG

DecenTrader co-founder Philip Swift stated that the market is getting ready to rip higher. Michaël van de Poppe, founder and CEO of trading firm Eight, stated that he believes significant price gains for BTC/USD may occur once it surpasses the $32,500 level, potentially leading to new highs.

Poppe says actual Bitcoin acceleration to come after $32,500

He stated that Bitcoin is in good consolidation and says it will be a slow grind until BTC breaks the $32,500 level. In a recent analysis, popular trader Crypto Tony expressed the view that if Bitcoin continues to maintain a price level above $25,000 from a macro perspective, it could indicate the possibility of a macro bottom being established.

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Bitcoin has put on one of its best performances in the past few weeks. The largest cryptocurrency has surged by 13.75% in the last 30 days, exhibiting one of the top gains among the top crypto assets.