Crypto News- In a recent video, Crypto Analyst Michael suggested that Bitcoin, the world’s largest cryptocurrency network, might be on the cusp of a potential bull run after a prolonged bearish phase. According to the YouTube video, Michael noted signs of strength in Bitcoin, hinting at a potential upward trajectory. He specifically referenced historical price patterns and speculated that Bitcoin could rally to reach $45,000 before the upcoming halving event next year. The halving, a significant event for the network, involves a reduction in miners’ rewards.
Bitcoin Price Outlook: Analyst Predicts Potential Bullish Rally to 45K Dollars
Traditionally, the cryptocurrency market has witnessed bull runs before and after halving events. However, current market conditions have left investors uncertain about whether this pattern will repeat.
Data from CoinMarketCap indicates that Bitcoin is currently trading at $26,565, reflecting a 1.07% increase over the past 24 hours. The cryptocurrency has managed to recover from losses earlier in the week, posting a 1.16% gain on the weekly price chart.
Crypto Analyst Michael also predicted a potential altcoin bull run, which he believes may be imminent. Major altcoins have shown signs of recovery following a turbulent decline earlier in the week. Ethereum, the second-largest cryptocurrency by market capitalization, has gained 0.63% in the past 24 hours and is presently trading at $1,628. XRP has also seen a 3.12% increase over the same period.
The overall cryptocurrency market capitalization has risen by 1.02% in the past 24 hours, reaching $1.05 trillion. However, trading volumes have declined, experiencing an 8% drop during the same timeframe.