After a remarkable surge to $31k earlier this week, the Bitcoin price volatility has experienced a recent slowdown, with the cryptocurrency now trading at around $30k on Friday. Despite this stabilization, Bitcoin continues to face significant buying pressure in the long-term perspective, as indicated by the observation of higher highs and higher lows on the monthly charts.
Moreover, the digital asset has been attracting increased interest from institutional investors and retail traders who foresee future bull markets.
Surpassing 420 million users and owners, the total number of individuals involved in the crypto space has been reported by Triple-A, with Asia claiming the largest share of approximately 266 million users.
It comes as no surprise, then, that even deep-pocketed hedge funds like BlackRock have redirected their focus toward the Bitcoin and broader cryptocurrency markets.
Bullish Future Ahead For BTC
Renowned Twitter analyst, Credibull Crypto, boasting over 341k followers, has expressed a strong belief that Bitcoin stands a high chance of closing this year above its all-time high (ATH). According to the analyst, Bitcoin’s price will continue its upward rally once it successfully surpasses the support/resistance level around $25.2k.
“We haven’t yet gotten a perfect retest of the black S/R level at 25.2k. Note that in 2020 we tested it and wicked below to complete the retest. This doesn’t HAVE to happen, but it’s certainly possible we haven’t yet put in our local low for this retest. Regardless, the downside should generally be limited from current levels if the thesis is valid,” the analyst noted.
Gear Up For The Halving!
As the Bitcoin halving event is expected to take place in the first half of next year, the likelihood of revisiting the ATH around that time remains high, provided there are no significant incidents similar to the FTX or the Terra Luna UST implosions.
Also Read: Bitcoin Halving: Why It Matters & What To Expect
