$13 Million Bitcoin? Sounds ‘Bearish’: Expert Hints At Even Greater Heights Ahead
November 08 2024 - 12:30AM
NEWSBTC
The recent presidential election has sent ripples through the
cryptocurrency market, with Bitcoin prices reacting positively to
Donald Trump’s victory over Kamala Harris. As Trump prepares
to take office for a second term, his ongoing commitment to making
the United States the “crypto capital of the world” has ignited
bullish sentiment among investors, positioning Bitcoin at the
center of his economic proposals. ‘$13 Million Bitcoin Price Target
Is Bearish’ Dennis Porter, CEO and co-founder of the Satoshi Action
Fund has been vocal about the implications of Trump’s win for
Bitcoin and the broader cryptocurrency landscape. In a series
of posts on social media platform X (formerly Twitter), Porter
highlighted the potential for Bitcoin to experience significant
price discoveries in the coming years. He emphasized that the
election outcome signals a substantial shift in the political
landscape regarding cryptocurrency. Porter stated that after the
2024 presidential election, it is “abundantly clear” that Bitcoin
is a “winning issue,” claiming that opposing Bitcoin support is
“political suicide,” with a forecast that the United States will
lead on BTC. The Satoshi Act Fund CEO believes that as the global
community comes to terms with this reality, a “dramatic”
acceleration in Bitcoin adoption will follow. Related Reading: CNBC
Projects Bitcoin Could Hit $100,000 Before Presidential
Inauguration – Details In addition to Trump’s victory, the
Republican Party has secured a majority in Congress, further
enhancing the prospects for cryptocurrency legislation. Porter
noted that over 250 members of Congress are now pro-Bitcoin, which
could facilitate a more favorable regulatory environment for the
crypto market to thrive. This newfound political support could lead
to legislation clarifying regulations and encouraging innovation
and investment in the digital asset sector. It could also pave the
way for the approval and introduction of one of Trump’s key
promises: to make BTC a strategic reserve asset for the
country. One of Porter’s most striking comments came just 24
hours after the election when he suggested a forecast of $13
million per Bitcoin could be considered bearish. “Expect the
unexpected,” he said, hinting at the possibility of even higher
valuations for Bitcoin shortly. Extended Bull Run For BTC? In an
update on social media, market expert Rekt Capital provided
insights into BTC’s short-term price action. He highlighted the
importance of a weekly candle close above $71,500, which could
signal the start of a breakout from the current re-accumulation
range. Rekt Capital notes that Bitcoin has been in a prolonged
re-accumulation phase for over 200 days since the last Halving
event, which occurred earlier this year in April. The expert
points out that the historical trend suggests bullish sentiment, as
Bitcoin’s cycle has dramatically reduced from an average of 260
days to just 13 days in the current post-Halving context. This
reduction in cycle duration indicates that Bitcoin is in a slightly
accelerated phase compared to previous cycles. However, the current
rate of acceleration is not as steep as earlier in the year,
particularly in March 2024, suggesting a stabilizing trend. Due to
this extended consolidation period, Bitcoin has almost completely
realigned with historical Halving cycles. Rekt believes this
resynchronization could lead to a longer, more robust bull run than
anticipated. Related Reading: Ethereum Price Rallies 10%:
Will Bulls Push It Higher? In a related analysis, crypto analyst
Ali Martinez speculates on the potential timing of the next market
peak for Bitcoin. He highlights a historical pattern wherein
Bitcoin typically reaches market tops 8 to 12 months after
achieving a monthly close above its previous all-time high.
Ali Martinez predicts that the next significant market top for the
leading crypto could occur between July and November 2025 if this
pattern holds. At the time of writing, BTC was trading at
$75,100. Featured image from DALL-E, chart from
TradingView.com
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