Bitrabo Editorial
Despite facing significant selling pressure causing a slight dip from its all-time highs, Bitcoin remains steady above $60,000. A prominent analyst, @el_crypto_prof, remains optimistic and predicts a potential price surge based on the development of the BBWP indicator.
Is it Time to Buy Bitcoin as the Signal Turns Bullish?
The analyst pointed out that the BBWP indicator recently showed a “blue bar” on the daily chart, indicating a possible strong uptrend in the coming weeks. This signal had appeared twice before, once in October 2023 and again in January 2024, both resulting in substantial price increases for BTC. The analyst remains confident in Bitcoin’s bullish trajectory, supported by an unbroken bullish trend line, suggesting a potential rise above $100,000.
However, historical data indicates that technical indicators like the BBWP may lag behind market movements, and BTC’s rally is not guaranteed. Factors such as lack of momentum could hinder price surges, similar to the situation in Q1 2024.
CEO’s Perspective and Industry Developments
Contrary to the bullish outlook, Mike Novogratz, CEO of Galaxy Digital, predicts Bitcoin will trade within a range of $55,000 to $75,000 in the near future, foreseeing a possible breakout by the end of Q2 2024. Despite dwindling ETF inflows, Novogratz highlights increasing institutional adoption as a positive sign for Bitcoin and the crypto sector overall.
Meanwhile, Vanguard, an asset management firm, appointed Salim Ramji as its new CEO, who is known to be Bitcoin-friendly based on his past work at BlackRock. This change in leadership raises speculation on potential shifts in Vanguard’s stance towards Bitcoin, possibly considering the issuance of spot Bitcoin ETFs like other industry giants.