Crawling Now, Sprinting Later: Analyst Foresees Major Bitcoin Rally

A prominent crypto strategist, known by the pseudonym Credible Crypto, has shared an optimistic forecast for Bitcoin (BTC) with his over 354K followers on social media platform X (formerly known as Twitter). He believes that Bitcoin is currently on a trajectory that could lead to a substantial upward movement.

Credible Crypto observes that Bitcoin has been experiencing a slow but steady increase over the past month. He interprets this gradual ascent as a precursor to a more dramatic breakout rally. The analyst is confident that when Bitcoin does break out from its current pattern, the rise will be significant, surpassing the $40,000 mark.

Drawing parallels with Bitcoin’s performance in the early stages of the 2020 bull market, where it surged from $14,000 to $60,000 in just a few months, Credible Crypto suggests that a similar rally could be on the horizon. This comparison underscores his belief in Bitcoin’s potential for a robust upward trajectory.

However, in the short term, the analyst acknowledges uncertainty regarding Bitcoin’s next move. He notes that both bullish and bearish traders are entering leveraged positions at a crucial support level, making the immediate future direction of Bitcoin unclear. Credible Crypto anticipates increased volatility, which could result in either a long (price increase) or short (price decrease) squeeze.

According to the analyst’s chart analysis, a key level to watch is $37,700. If Bitcoin can surpass this threshold, it is likely to regain bullish momentum and potentially initiate the forecasted rally.

At the time of writing, Bitcoin is trading at around $38,070, up 3.36% in the past 24-hour period and even more impressively up 129.86% in the year-to-date period.

Standard Chartered Bank, a global banking giant with a strong foothold in emerging markets, has reiterated its April prediction that Bitcoin (BTC) will reach $100,000 by the end of 2024. Headquartered in London, England, the bank primarily operates in Asia, Africa, and the Middle East. Its roots trace back to the mid-19th century, originating from the Standard Bank of British South Africa and the Chartered Bank of India, Australia, and China.

Offering a wide array of services such as retail, corporate, institutional banking, and treasury services, Standard Chartered stands out for its focus on emerging markets, contrasting with other global banks that often concentrate on the US and European markets.

A recent CoinDesk report highlights that Geoff Kendrick and his team at Standard Chartered view the potential approval of multiple spot Bitcoin ETFs in the U.S. as a key driver for Bitcoin’s price surge. They now anticipate these approvals could happen sooner than expected, possibly in the first quarter of 2024.

The team believes that the green light for these spot ETFs, covering both Bitcoin (BTC) and Ethereum (ETH), will significantly boost institutional investment in these cryptocurrencies.

Another factor underpinning the bank’s optimistic outlook is the forthcoming Bitcoin halving, slated for around mid-April 2024. This event, which halves the reward for mining new Bitcoin blocks, effectively constrains the new supply of Bitcoin. Historically, such halvings have been precursors to price increases, as they heighten Bitcoin’s scarcity.

Standard Chartered also notes the enduring dominance of Bitcoin in the digital assets market. Since April, Bitcoin’s share of the total digital assets market cap has risen to 50% from 45%. The bank attributes this dominance to Bitcoin’s reputation as a reliable safe haven, which has bolstered its position in the market.

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