The highly coveted Bitcoin (BTC) is currently teetering above the $70,000 mark on this fine Tuesday morning. But hold on tight, as experts predict a possible plunge in the next few hours. Is this the demise of the current bullish trend?
At the time of writing, the ever-fluctuating Bitcoin market stands at an impressive $70,724 (BTC/USD), a slight dip of 2.64% from yesterday’s numbers. While some may view this as a discouraging sign and the end of Bitcoin’s bullish run, savvy investors know better than to throw in the towel just yet.
Bitcoin’s rollercoaster ride over the past week has been nothing short of exhilarating. With a 7.53% increase in value, this digital currency has been on a steady climb towards the coveted $70k mark and beyond.
Despite a slight dip today, Bitcoin has not lost all of its recent gains, leaving room for a potential comeback. It may even surpass its previous highs before the day is over.
What Could Push Bitcoin Higher?
The digital currency is on the brink of reaching new heights, with experts predicting it could soar past $80k and even hit the $100k mark in no time.
Tomorrow, the highly anticipated inflation data will be unveiled. Brace yourself for the US inflation numbers, set to be announced on Wednesday. Specifically, keep an eye out for the release of the US CPI data. This crucial Consumer Price Index will reveal the current state of inflation and give traders a glimpse into its future direction.
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Recent data suggests that Bitcoin may be on the cusp of a major surge, potentially surpassing its previous record high. And that’s not all – in just 10 days, the highly anticipated Bitcoin halving event will take place, further fueling the momentum. As history has shown, the lead-up to a halving event often triggers a frenzy of trading activity, leading to significant price increases.
Bitcoin’s morning slump may have caused some concern, but don’t let it discourage you. Experts predict a swift turnaround and continued upward momentum for the rest of the day. In fact, this temporary dip could be the perfect chance to jump in and invest in this promising cryptocurrency.