Sun 11 Aug 2024 ▪
3
min read ▪ by
The world of cryptocurrencies is experiencing an unprecedented craze and the United States is positioning itself as the main driver of this new wave of adoption. Bitcoin, in particular, is attracting the attention of American investors, suggesting good days ahead for the queen of cryptocurrencies.
America, the promised land of Bitcoin
The Coinbase Premium Index shows strong demand for Bitcoin in the United States, with a significant increase in the price gap between Coinbase and other platforms.
Bitcoin recently hit $60,557 after falling to $49,000, quickly rebounding by 6%! This resilience demonstrates investor confidence in the digital asset.
Bitcoin towards a new ATH?
Analyst Julio Moreno highlights the importance of the $45,000 threshold for Bitcoin. Staying above this level could allow it to reach new highs. Ki Young Ju shares this optimism and predicts a new record within a year, provided the price stays above $45,000.
However, he warns that a prolonged bearish scenario would make recovery more difficult. Long-term holders, having moved over 404,000 BTC (worth $23 billion) to long-term storage, show strong confidence in Bitcoin’s future.
Between the Bears and the Bulls: The Delicate Balance of the Cryptocurrency Market
The cryptocurrency market is unpredictable. The bull/bear cycle indicator has signaled a bearish phase, the first since January 2023, often followed by declines. Ali Martinez notes that the current extreme fear could be a buying opportunity. Long-term holders, having added 184,500 BTC during the recent declines, share this view, often announcing recoveries.
The US cryptocurrency market is buzzing with excitement. Rising demand for Bitcoin in the US is driving its price to new highs. However, caution is still warranted given the inherent volatility of the sector. Bitcoin’s future will depend on its ability to maintain crucial support levels while capitalizing on the enthusiasm of US investors, given that it is currently outperforming the Nasdaq after the heartbreaking events of Black Monday.
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The world is changing and adaptation is the best weapon to survive in this undulating universe. As a crypto community manager at heart, I am interested in everything that is closely or remotely related to blockchain and its derivatives. With a view to sharing my experience and making known a field that fascinates me, there is nothing better than writing informative and relaxed articles at the same time.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be considered investment advice. Do your own research before making any investment decision.
