He tweeted that the setup on the charts is beginning to look “scary bullish for Bitcoin.”
Tapiero tweeted that the current sideways consolidation is nearly done, adding that markets always have some surprises in stock for traders and investors. He has not been able to detect any specific catalyst that will lead the Bitcoin bull run, but he does not think it is important in this case – “Specific catalyst unclear but it doesn’t matter.”
Over the past 24 hours, the world’s primary cryptocurrency has gone down by 3.18%. This plunge was followed by growth of 1.29%. Bitcoin is currently changing hands at $61,950. Overall, since BTC lost the $65,000 level on May 6, it has been striving to recover it and has twice already attempted to break through the $63,300 zone – but to no avail so far.
Bitcoin is expected by many to skyrocket later this year or in 2025 after the fundamental event for BTC that happened in April – the halving. It reduced the block reward size to 3.125 BTC and, historically, Bitcoin has always skyrocketed after each of the three previous halvings.
Another potential price catalyst is that spot ETFs continue to purchase Bitcoin en masse, having started their regular accumulation in January, when they were approved for trading by the SEC.
Should this happen, billions of U.S. dollars will flow back into the U.S. and crash the dollar. He recommends buying Bitcoin, gold and silver as protection from this potential negative development.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
