Bitcoin At $34,000? Seasoned Trader Predicts This Level Will Turn Bears To Bulls
Bitcoin is no stranger to trouble, with its volatile value and speculative nature attracting both avid supporters and fierce critics. But despite its history of recovery over the years, the world’s most popular digital currency has faced its fair share of naysayers, otherwise known as “bears”, who have relentlessly predicted its downfall.
Now, prominent cryptocurrency analyst and trader Bob Loukas has boldly taken to Twitter to share his expert opinion on when Bitcoin will finally be able to silence all bears for good.
With Bitcoin’s tumultuous past and uncertain future, the question on everyone’s mind is: can it really overcome the downtrends and become a dominant force in the world of finance?
Bob Loukas Says Bitcoin at $34,000 Will Be the Tipping Point for Bears
On twitterLoukas boldly declares that the bears will finally bow to the crypto king once he hits the $34,000 mark.
If that happens, it could be a game changer for the crypto world, and many possible scenarios could lead to this momentous event.
Once $ BTC clears $34k, the bears finally break their bias, and then the market gives them a nice welcome shake.
This is called being one step behind.
—Bob Loukas (@BobLoukas) April 4, 2023
One possibility is a sudden increase in demand from institutional investors. With more and more big financial players expressing interest in Bitcoin as the banking system crumbles, it’s not hard to imagine a scenario where a flood of institutional money drives the price up to $34,000 and beyond.
Another factor that could push Bitcoin to $34,000 is the widespread adoption of cryptocurrencies by the general public. As more people become more familiar with the concept of digital currencies and their potential benefits, we may see an increase in demand for alpha cryptocurrency and other cryptocurrencies, driving the price higher.
Where is Bitcoin now
Amidst the crypto market turmoil, Bitcoin emerged victorious once again, rebounding from a 2.7% drop to reign supreme.
One of the causes of this brief stumble? There were rumors that Interpol was preparing to launch a personal investigation against Binance boss Changpeng Zhao. But these whispers were no match for the resilience of Bitcoin, which quickly regained its footing.
Source: CoinMarketCap
Bitcoin (BTC) total market cap up a few notches and currently at $551 billion on the daily chart at TradingView.com
From this writing, Coingecko concerts that the BTC price is $28,525, a testament to the enduring strength of the digital currency. BTC is up 1.09% over the past 24 hours and 0.71% over the past seven days.
Whether it’s a brief stumble or a major market shift, Bitcoin has repeatedly proven that it has what it takes to weather the storms of the financial world.
-Featured image from BitDegree