Bitcoin price has now surpassed the Terra-LUNA crisis level, touching a high of $37,150 on Thursday. BTC price retraces after hitting a high, with the price now moving near the $36,700 level as a result of shorts liquidation in the last 24 hours. In fact, Bitcoin is now only half...
Bitcoin Price Reaches $37,000
“With Bitcoin trading back above the level when the Terra stablecoin imploded, crypto traders have officially moved on from those psychological scars,” said Markus Thielen, head of research at Matrixport.
The crypto market has to overcome the steepest monetary tightening by the U.S. Federal Reserve in four decades, stringent industry regulations, and heightened scrutiny.
“The ETF expectation is the top of a growing list of catalysts, which gives the current rally further legs,” said Josh Gilbert, market analyst at trading and investing firm eToro. Besides the ETF trigger, bets that the US Federal Reserve is done with rate hikes for now and an upcoming Bitcoin-halving next year are also fueling the rally, Gilbert said.
Popular crypto analyst Michael van de Poppe has also made a somewhat bullish prediction. He said “Anything between $38,000-40,000 is pretty much resistance and I’m not expecting a breakout in one-go.” However, he sees Bitcoin reaching $45,000-50,000 pre-halving.
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