Bitcoin at $34,000? Experienced trader predicts that this level will turn bears into bulls
Bitcoin has been no stranger to trouble, with its volatile value and speculative nature attracting both ardent supporters and fierce critics. But despite its history of recovery over the years, the world’s most popular digital currency has faced its fair share of naysayers, also known as “bears,” who have mercilessly predicted its demise.
Now, prominent cryptocurrency analyst and trader Bob Loukas has boldly taken to Twitter to share his expert opinion on when Bitcoin will finally be able to silence all the bears for good.
With Bitcoin’s tumultuous past and uncertain future, the question for everyone is: can it really rise above the bearish trends and become a dominant force in the financial world?
Bob Loukas says Bitcoin at $34K will be the turning point for bears
On TwitterLoukas boldly declares that the bears will finally bow to the crypto king when it reaches the $34,000 mark.
Should it happen, it could be a game-changer for the crypto world, and many possible scenarios could lead to this momentous event.
Once $BTC clears $34k, the bears finally release their bias and then the market gives them a nice welcome shakeout.
It’s called being a step behind.
— Bob Loukas (@BobLoukas) April 4, 2023
One possibility is a sudden increase in demand from institutional investors. With more and more major financial players expressing interest in Bitcoin as the banking system crumbles, it is not hard to imagine a scenario where a flood of institutional money drives the price up to $34,000 and beyond.
Another factor that could pushing Bitcoin towards $34,000 is the widespread use of cryptocurrencies by the general public. As more people become familiar with the concept of digital currencies and their potential benefits, we may see an increase in demand for the alpha crypto and other cryptocurrencies, driving up the price.
Where Bitcoin is now
Amid the turbulence in the crypto market, Bitcoin has emerged victorious once again, returning from a 2.7% drop to reign supreme.
One of the reasons for this brief stumble? Rumors circulated that Interpol was preparing to launch a personal investigation against the big boss of Binance, Changpeng Zhao. But those whispers were no match for the resilience of Bitcoin, which quickly regained its footing.
Source: CoinMarketCap
Bitcoin (BTC) total market cap up a few notches and currently at $551 billion on the daily chart at TradingView.com
At the time of this writing, Coingecko shows that the price of BTC stands at $28,525, a testament to the digital currency’s enduring strength. BTC is up 1.09% in the last 24 hours, and 0.71% in the last seven days.
Whether it’s a brief stumble or a major market shift, Bitcoin has proven time and time again that it has what it takes to weather the storms of the financial world.
– Featured image from BitDegree
