Analyst Labels Bitcoin Rally Strongest Pre-Bull Cycle Yet
2024年2月29日 - 6:00AM
NEWSBTC
The entire cryptocurrency space is fueled with excitement as the
price of Bitcoin rallied today, demonstrating immense resilience,
reaching the $59,000 threshold and even further in the past 26
months. Bitcoin Rally Kicks Off The Strongest Pre-Bull Cycle So Far
Bitcoin is currently in the limelight as the crypto asset continues
to rally, leading to several analysts identifying the surge as the
start of the “biggest bull cycle ever.” Analyst and trader Crypto
Jelle has labeled the recent uptick as the “strongest start to a
new cycle” as his analysis examines the strength of BTC‘s surge.
Related Reading: Bitcoin Fast Approaching $60,000 As BTC F&G
Index Hits ‘Extreme Greed’ – Details Jelle claims this resulted
from Bitcoin’s latest “break out from the 0.618 Fibonacci
retracement.” According to the analyst, “this marks the first time”
the asset has made this kind of move “before the Bitcoin Halving
event happens.” He also claims that with the ongoing rally, it
seems like the market is “in for a new regime,” he believes things
will play out “differently” in the market from how they usually do.
The post read: This is the first time Bitcoin breaks that 0.618
Fibonacci retracements before the halving event even takes place.
By far the strongest start to a new cycle, ever. Looks like we are
in for a new regime, where things work a little different than how
they used to. The analyst claims that a shift in the narrative is
ushering in a “new era of dynamics in the cryptocurrency
landscape.” As a result, “exciting moments await” the space in the
future. Crypto Jelle declared that nothing can stop Bitcoin at the
moment. “With BTC rising by another 2% in the past few hours, there
seems to be no stopping it right now,” he stated. Additionally,
most of yesterday’s gains occurred outside the Exchange-Traded
Funds’ trading hours. However, the analyst is waiting to see if
they will “force boomers to pursue price.” BTC ETFs See Massive
Inflow Research company BitMEX reported that Bitcoin Spot ETFs have
seen increased adoption, witnessing a massive surge in daily
inflow. Data from the platform shows that ETFs have witnessed a
significant inflow of 10,167 BTC valued at $576.8 million. Related
Reading: Bitcoin Spot ETFs: Issuers Set New Record As Weekly
Inflows Cross $2.2 Billion BitMEX underscored that Blackrock’s
iShares BTC ETF (IBIT) made up $520 million of the total inflow.
Consequently, this marks the highest inflow the company has seen
since the products were approved. So far, Blackrock’s asset
holdings have risen to over 141,000 BTC, and its net inflow sits
above $6.5 billion. Currently, Bitcoin is trading at $59,254,
indicating a rise of over 4% in the past 24 hours. Featured
image from iStock, chart from Tradingview.com
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