BTC prices found their way to climb higher than $38,000 during early trades on Tuesday. According to some experts’ analysis, it means the cryptocurrency will never go lower than $35,000 ever again.
Market participants stay in a bullish position despite the fact a spot BTC ETF has not been approved yet. The price rally was also triggered by some outer factors. They involve earlier enforcement action taken against leading cryptocurrency exchanges such as Kraken and Binance.
The market sentiments are optimistic. This is due to BTC’s approaching halving. Traders expect it to take place no sooner than the second half of April 2024. This is when global economy deterioration might occur featuring many countries around the world snowed under the ever-growing debt.
Bitcoin showed a slight pullback earlier on Monday hitting the low at $36,715. However, BTC bulls made it possible to reverse the price action and push the leading crypto to as high as $38,315. At this point, bears appeared to be the main stumbling block for the price to drive higher.
Nevertheless, market sentiments are positive judging by SORP (an on-chain data that reveals the true psychological state of crypto traders). That could mean another rally for the BTC price, as it is driven mainly by the psychology of market participants involved.
Of course, we should expect many price changes followed by declines and corrections. Traders saw BTC falling significantly back in 2018 when they had to sell crypto at a great loss. During the bear market in 2022, investors had to hold the coin at a loss until the bankruptcy of the exchange forcing traders to sell at a loss once again.
In a year, the BTC price doubled. Eventually, mid-to-long-term trades can bring investors high and stable profits. Experts believe the crypto price will never get lower than $35,000 ever again. According to the most optimistic forecasts, it may grow to as high as $100,000. The rally might be triggered by the launch of spot BTC ETF by the end of 2024.
May the trading luck be with you!