Despite the lengthy sell-off period Bitcoin is experiencing, Analysts are optimistic about a rebound.
Beyond the uncertain price action, Bitcoin is now a subject in US political leadership consideration.
Renowned crypto trader and investor Daan Crypto Trades says Bitcoin (BTC) must break above the $69,000 resistance level before reaching a new all-time high. The trader’s comments come amidst a recent drop in BTC’s price, fueling discussions in the crypto community.
Bitcoin’s Fight at $69K Resistance
Daan Crypto Trades acknowledged in an X post that Bitcoin’s fight at the $69,000 could take a while and won’t be easy. However, the trader believes the result would be astonishing once the supply around this region dries up and coins are swapped from the impatient to the patient.
It is worth noting that Bitcoin hit the $69,000 mark during the 2021 crypto bull run. This level was tested once more on March 5, following the approval of spot Bitcoin Exchange-Traded Funds (ETFs) in the United States. For the past ten weeks or more, Bitcoin has been below this mark, despite many attempts to break through.
Notably, CryptoJelle is another bullish analyst on Bitcoin’s future price movement. “ Bitcoin’s market structure remains firmly bullish. A steady uptrend for well over a year now, consolidating right below the current all-time highs. Matter of time before the next leg higher. Bring it on,” the analyst stated.
Jelle added in a subsequent post that BTC is retesting important support following its breakout from the falling wedge. Accordingly, he believes a new all-time high should come soon enough for BTC.
Pseudonymous crypto analyst CryptoCon says Bitcoin’s recent price volatility is part of healthy price action. While the analyst notes that Bitcoin has spent 42 days in the low volatility/boredom zone, he believes the next green box for the coin is loading.
“This is only half the time we saw in August – October 2023 which was one of the least volatile periods in Bitcoin’s history. Noticeably, boredom periods are much shorter than excitement/expansion. These times of low volatility are crucial to build support for the next leg up,” the analyst noted.
At press time, BTC is trading at $67,624, demonstrating a decline of 1.24% in the past 24 hours. The trading volume also decreased by 10.8% to $23.5 billion, while the market cap decreased by 1.2% to $1.3 trillion.
Donald Trump Investigates BTC As Solution to US Debt Crisis
While Bitcoin is still trying to find a balance in the market, there are possibilities that the coin could soon be used to proffer solutions to offset US $35 trillion debt.
According to a Crypto News Flash YouTube video, former US President Donald Trump recently asked Bitcoin Magazine CEO David Bailey about utilizing Bitcoin to help with US debt challenges. Notably, Bailey and his team have been working with the Trump campaign to develop their Bitcoin and crypto policy agenda.
On the other hand, President Joe Biden and his government are reportedly still adamant against favorable crypto policies.
