Bitcoin

David

Renewable Energy

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<ul> 
 <li>ARK Invest’s report highlights potential factors for a Bitcoin rally, including low volatility and decreased hash rate.</li> 
 <li>The report indicates a possible price reversal due to oversold conditions and increased ‘HODLing.’</li> 
 <li>Regulatory concerns and macroeconomic forces, such as the Federal Reserve’s actions and Binance’s legal issues, could impact Bitcoin’s performance.</li> 
</ul> 
Bitcoin, the trailblazing cryptocurrency, is on the cusp of a significant shift, according to a recent analysis by <a href="https://ark-invest.com/wp-content/uploads/2023/08/The-Bitcoin-Monthly-July-2023.pdf" target="_blank" rel="noopener noreferrer nofollow">ARK Invest’s David Puell</a>. His report, “The Bitcoin Monthly: July 2023,” delves into Bitcoin’s current status and potential future.&nbsp; 
Puell highlights Bitcoin’s low 90-day volatility, similar to 2017 levels, suggesting a substantial price movement is imminent. However, the direction remains uncertain. 
Despite the ambiguity, the report points to Bitcoin’s decreased hash rate, indicating oversold conditions and potential undervaluation. This suggests a price reversal could be on the horizon.&nbsp; 
The report also notes an increase in “liveliness” as selling pressure decreases, indicating the lowest selling pressure since Q4 of 2020. 
The short-term holders’ profit/loss ratio aligns with historical trend reversals, suggesting a breakout is more likely. However, the ongoing legal battle between the SEC and Binance could impact Bitcoin’s performance.&nbsp; 
Binance’s BNB token provides significant liquidity for other cryptocurrencies, including Bitcoin. If sentiments favor the SEC, it could trigger a “bank run,” causing BNB’s price to plummet and potentially impacting the entire crypto market. 
While historical trends suggest a bullish trajectory for Bitcoin’s price, macroeconomic forces and regulatory concerns could pose challenges. Bitcoin breaching the resistance level at $29,450 could shape its future outlook. As Bitcoin continues to witness a downward trajectory, that resistance level might be the key to a sustained breakout or further consolidation. 
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The post <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com/ark-invests-bitcoin-forecast-the-factors-driving-the-next-bull-run/">ARK Invest’s Bitcoin Forecast: The Factors Driving the Next Bull Run</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com">Crypto News Land</a>.

ARK Invest’s Bitcoin Forecast: The Factors Driving the Next Bull Run

Crypto News Land

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