Could We See a 25% Bitcoin Surge Today?

Bitcoin is down today and yet it could be preparing to rally strongly in a few weeks as it repeats a cycle it has been through before.

Bitcoin may be preparing for a rally very soon.

Quick overview

  • Bitcoin (BTC) dropped to a low of $103,553 amid market concerns over the Federal Reserve's rate decision.
  • Despite recent bearish trends, analysts believe Bitcoin could rally by 18-25% in the coming weeks, potentially reaching $130K.
  • Community sentiment remains bullish, with 82% expecting a price rebound, which may encourage larger investors to buy in.
  • Trade volume is down slightly, but strong support is indicated by $51.7 billion in daily transactions, suggesting confidence among investors.

Bitcoin (BTC) fell to a low of $103,553 (BTC/USD) on Tuesday as the market dipped in apprehension of the upcoming Federal Reserve rate decision, but it could rally strong if history repeats.

Bitcoin may be down now, but it may not be for long.
Bitcoin may be down now, but it may not be for long.

The last few days have been bearish for Bitcoin as it retreated from a high of $108,620. We have seen Bitcoin surge after this kind of retreat, and there is good reason to suspect that it will do so again. Bitcoin is holding onto its strong foundation above $100K, which is significant, as it has had trouble staying above that key level in the past. This is partly why some analysts think Bitcoin will rally this week, perhaps as much as 25%.

It appears that BTC is undervalued right now, and past cycles have shown that Bitcoin can rally anywhere between 18-25% after a retreat like this. If that does happen, then Bitcoin could potentially move as high as $130K in the next few weeks.

Bitcoin Could Be about to Go Bullish

Community sentiment for Bitcoin is very bullish right now, with 82% of the community expecting a bear turn from the coin. That could push the whales to buy in more and smaller investors to hold onto their coins.

Trade volume for Bitcoin is down at the moment, but only by 6%, with $51.7 billion in coins being traded every 24 hours. That is an elevated figure, indicating strong support for Bitcoin despite its dip. It appears that investors are confident buying the dip, and they have already pushed Bitcoin’s price up to $104K since its low on Tuesday.

It should be noted that Wednesday’s price for BTC is the lowest it has been in several weeks, so Bitcoin is likely to rebound from that. We should see a higher price by the end of the day and could see a much higher price in the coming weeks as a result of this cycle of retreat and rally.

 

 

ABOUT THE AUTHOR See More
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

Related Articles

HFM

Doo Prime

XM

Best Forex Brokers