Bitcoin (BTC) is on the rise again, recently bouncing back to $67,661 after dipping to $65,000. This upward trend brings it closer to its all-time high, sparking excitement among traders and analysts. Despite hitting a resistance level, the cryptocurrency’s recent dip is seen by some as a healthy correction rather than a reason to panic. Instead, it could be the stepping stone to a new peak.
Bitcoin Set to Reach an ATH
Prominent crypto analyst Michael van de Poppe points to the current economic situation as a reason for hope. The new economic season has started, and important data called the Purchasing Managers’ Index (PMI) is being released. This data helps show how well the economy is doing.
If the numbers are good, they could boost market confidence and help Bitcoin test its all-time high (ATH) in the next two to four weeks.
Even with the recent price drop, Van de Poppe believes the recent price dip is almost over and expects the cryptocurrency to test its all-time high within the next two to four weeks.
However, bitcoin price is currently trading at $66,857, which has seen a slight increase of 1.56% over the past 24 hours. Additionally, a 20.34% rise in trading volume suggests that more people are interested in buying and selling Bitcoin.
Political and Economic Support for Bitcoin
Bitcoin is also gaining support from political changes in the US, as both major political parties seem interested in creating helpful rules for cryptocurrencies. This support could help Bitcoin grow even more.
On top of that, news about a potential interest rate cut is encouraging investors. Bitcoin usually performs well when interest rates go down, and recent reports on jobs and retail sales have been positive.
With all these factors coming together, many experts believe that Bitcoin could soon break its previous records and reach a new all-time high.
Source: https://coinpedia.org/news/is-bitcoin-set-to-reach-a-new-all-time-high-in-2-4-weeks-top-analyst-weighs-in/