Following a long period of bearish market, investors are now nurturing hopes for the 2024-2025 bull season as the price of Bitcoin continues to hover above $43,900.
Bitcoin and cryptocurrencies have been steadily rising for about 3 months now, resembling the movements we saw when Bitcoin was above $30,000. The upward trend reflects the risk appetite of optimistic investors for the year 2024, and recent data from CoinShares shows that there have been observed net inflows, indicating the continuation of institutional demand.
We reminded investors that even during the toughest bearish market days, the declines would eventually come to an end. When the Bitcoin price dropped to $15,500, investors were hesitant to buy due to the fear of it dropping to $12,000. Although it caught attention when the price exceeded $28,000 and Capo called it a major bull trap, buyers were weak. Similar things happened when BTC crossed $30,000.
Bitcoin managed to break the resistance at $31,800 in a short period of time, but it failed to convince all investors. Now, as the price approaches $44,000, there are investors looking for an early entry point. Even if BTC surpasses $60,000 next year, we will see that some investors still don’t believe in the rise. Just like investors who saw every dip in 2022 as a buying opportunity without being convinced of the downward trend. The only difference is the direction the price is going.
Popular crypto analyst Michael Poppe shared his prediction as Bitcoin is about to surpass $44,000. Although he acknowledges short-term mistakes, he takes pride in not deviating from his medium-term targets. According to the analyst, in the first quarter of the coming year, the price may reach these levels by the end of March, and if the momentum continues at this pace, it would not be surprising for it to exceed the targets.