Bitcoin is about to hit a new all-time high in 2024
Bitcoin is marking a trend change, approaching its all-time high.
Positive reports from the US economy and ETFs boost BTC price.
The winds seem to be blowing in a clear direction: bitcoin (BTC) is about to hit a new all-time high (ATH), surpassing the current one of $73,737. This was expressed by the renowned trader Michael van de Poppe, and other analysts support this theory.
In one post onvan de Poppe said that “bitcoin is attacking the $70,000 barrier and aims to take the subsequent liquidity. I think we are about to make a new all-time high. “I don’t know if it will be this month or next, but the bull market is here.”
In fact, a report of Bitcoin Alpha published by the exchange Bitvavo revealed that we are facing a price breakout for BTC. He points out that “technical indicators such as RSI and OBV are already showing a clear trend change, as are on-chain metrics such as MVRV.” The report adds that these indicators “suggest that selling pressure is easing and that there is room for a new bullish trend.”
And to show a button. According to Bitvavo dataon October 29, 2024, bitcoin has already surpassed its all-time high against the euro (which was €66,880 and is now €67,070), so it is only a matter of time before the same happens with the US dollar.
Has Bitcoin finally emerged from the exhausting lateralization it has been in since March 2024? That’s what it looks like. The rest of the year looks quite encouraging for Satoshi’s cryptocurrency. There are several factors that are forming “the perfect storm” for BTC to go to the moon and beyond.
Factors that are pushing bitcoin to a new all-time high in 2024
One of the main factors that had a positive impact on the price of bitcoin is the 50 point cut on the interest rates that the Federal Reserve (Fed) made at the beginning of October. This measure generated a spirit of optimism in the financial markets in general, including that of cryptocurrencies.
The macroeconomic outlook for the remainder of 2024, plus recent technological advances, create a perfect environment for BTC to continue rising. According to data from the Fed and the Central Bank of the United States, there will be gross domestic product (GDP) growth of 2% for 2025 and 2026.
Additionally, in November the presidential elections in the United States. Both candidates have shown their support for bitcoin and cryptocurrencies, which indicates positive expectations for the regulation of digital assets in the North American country.
Of course, the forecasts are even more positive if Donald Trump wins. November 5, 2024 will be a key date for the world, and Bitcoin does not escape it. Many investors are on the edge of their seats waiting for Trump to resume command of the White House.
The enemies that stalk BTC
Now, there are events that could push bitcoin down in the remainder of 2024 and that should be watched closely. Remember that when it comes to financial markets, things change abruptly overnight.
At least two of the big threats to BTC would be the escalation of war conflicts in Ukraine, Russia and the Middle East, and the fear of a global recession. If the cryptocurrency price falls on its way to a new all-time high, there is no need to panic. For Michael van de Poppe, it should be seen as an opportunity to buy “cheap”.
How to make the most of bitcoin’s bullish winds
If we are on the verge of an ATH for bitcoin, how can you make the most of the bull cycle? The best way is to choose trading tools that allow you to take advantage.
Of course, keep in mind that some platforms benefit you more than others depending on the region in which you live. For bitcoin and cryptocurrency traders located in Europe, Bitvavo It is a good alternative.
It is an exchange based in the Netherlands that has been on the market since 2018. It has become one of the favorite trading platforms to operate in euros, dethroning companies like Binance. The reason is that it offers one of the commissions lowest for euro pairs, and does not charge fees for making payments with SEPA, iDeal or Bancontact bank transfers.
Unlike Binance or Coinbase, Bitvavo is an exchange originally from Europe, so complies with the laws and regulations of this area. It is registered with the Chamber of Commerce of the Netherlands and has received authorization from the Bank of Spain to operate as a virtual asset service provider in the Iberian country.
The exchange takes the security of its customers seriously. Its servers meet the requirements of security category 4+, the highest in the Netherlands. And, in case an account is compromised, Bitvavo offers a guarantee fund of up to 100 thousand euros.
By the way, from now until 12-31-2024, new adult users in the eurozone Those who open an account on the exchange will receive a welcome bonus of 10 euros. Identity verification and a minimum deposit of €10 will be required within seven days of registration to assess eligibility to receive this welcome bonus. The bonus will be sent within 48 hours after deposit.
The content and links provided in this article are for informational purposes only. CriptoNoticias does not offer legal, financial or investment recommendations or advice. Cryptocurrency investments through ICOs and token pre-sales are high risk. Each interested party should conduct their own research and invest at their own risk. CriptoNoticias does not endorse any investment or similar offers promoted here. For more information visit our Disclaimer.