Story Highlights
Bitcoin bulls are struggling to break above the $64K resistance level, but success could lead to a significant rally.
Anthony Pompliano believes Bitcoin’s price is rising due to macroeconomic factors, such as the devaluation of the US dollar and growing investor interest.
Despite recent price fluctuations, positive indicators suggest a potential bullish shift in the market.
Bitcoin (BTC) bulls
are pushing to hit the key $64K level, a mark they last reached in late August. After four days of trying and failing to break past this target, the pressure is mounting as bearish sentiment starts to build.
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If they succeed, the next resistance level could be around $68K, marking an important turning point in the current rally.
Let’s dive into what experts are saying and whether Bitcoin will live up to its bullish theory. You don’t want to miss these insights!
Expect a Bitcoin Rally Soon!
In his latest video,
Anthony Pompliano
delivers a bullish outlook on
Bitcoin’s price
trajectory during the current bull market. He argues that central banks and politicians’ ongoing devaluation of the U.S. dollar plays a significant role in this anticipated price surge.
As the
Federal Reserve
and other financial institutions keep printing money and lowering interest rates, the dollar’s value drops. Meanwhile, Bitcoin, with its fixed supply of 21 million coins, benefits from this environment.
Pompliano explains that Bitcoin’s price is expected to rise not just because of its own strengths but also due to larger economic trends. As the dollar loses value, more people are likely to look for alternatives to protect their wealth. Bitcoin, being decentralized and not controlled by any government, is becoming more attractive to those looking for a hedge against inflation and currency devaluation.
The demand is increasing!
Pompliano also points out that Bitcoin is gaining more recognition as a legitimate asset. As more people understand its benefits, demand will grow, which could drive the price up further. He encourages viewers to share their predictions, creating a space for discussion and engagement among Bitcoin fans.
“Uptober” Brings Hope
He emphasizes that Bitcoin is more than just a risky investment; it’s also a protection against economic policies that lower the value of traditional currencies. As we near the end of the month, optimism is rising for what’s being called “Uptober,” signaling hopes for a bullish shift in the market.
Even though Bitcoin’s price dipped slightly by 0.37% and the RPL ratio dropped, showing some early losses, most transactions are still above their original purchase prices. Additionally, the rise in large transactions—especially those over $100K—points to growing bullish momentum, pushing against the resistance at $64K.
Will the bulls finally break through and spark a short-term rally? The market indicators are leaning upward, but only time will tell!
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Bitcoin
Price Analysis
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