Bitcoin is no stranger to trouble, with its volatile value and speculative nature attracting both eager supporters and fierce critics. But despite its history of recovery over the years, the world’s most popular digital currency has faced its fair share of naysayers, aka “bears,” who have relentlessly predicted its downfall.
Now, prominent cryptocurrency analyst and trader Bob Loukas has boldly taken to Twitter to share his expert opinion on when Bitcoin can finally silence all bears for good.
With Bitcoin’s tumultuous past and uncertain future, the question on everyone’s mind is: can it really outrun the bearish trends and become a dominant force in the world of finance?
Bob Loukas says Bitcoin at $34,000 will be a turning point for the bears
On TwitterLoukas boldly declares that the bears will finally bow down to the crypto king once he hits the $34,000 mark.
If that happened, it could be a game-changer for the crypto world, and there are many possible scenarios that could lead to this momentous event.
Once $BTC clears $34,000, the bears finally drop their bias, and then the market gives them a nice welcome jolt.
This is called being a step back.
— Bob Loukas (@BobLoukas) April 4, 2023
One possibility is a sudden increase in demand from institutional investors. With more major financial players expressing interest in Bitcoin as the banking system crumbles, it’s not hard to imagine a scenario where a flood of institutional money pushes the price to $34,000. and beyond.
Another factor that could push Bitcoin towards $34,000 is the widespread adoption of cryptocurrencies by the general public. As more people become familiar with the concept of digital currencies and their potential benefits, we may see an increase in demand for alpha crypto and other cryptocurrencies, pushing the price up.
Where Bitcoin is now
Amid the turmoil in the crypto market, Bitcoin emerged victorious once again, rebounding from a 2.7% decline to reign supreme.
One of the causes of this brief stumble? Rumors were swirling that Interpol was about to launch a personal investigation against Binance big boss Changpeng Zhao. But those whispers were no match for Bitcoin’s resilience, which quickly regained its footing.
Bitcoin (BTC) total market cap up a few notches and currently at $551 billion on the daily chart at TradingView.com
At the time of this writing, Coingecko watch that the price of BTC stands at $28,525, which speaks to the enduring strength of the digital currency. BTC is up 1.09% in the last 24 hours and 0.71% in the last seven days.
Whether it’s a brief stumble or a major market shift, Bitcoin has proven time and time again that it has what it takes to weather the storms of the financial world.
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