Crypto Expert Explains the Logic Behind Bitcoin’s Pump to $29k and Why BTC Will Keep Pumping
The price of Bitcoin has risen above $29k for the first time since August, and cryptocurrency analyst Crypto Rover believes he knows exactly why the top crypto is surging. In his recent video, “THIS IS WHY BITCOIN IS PUMPING & WILL KEEP PUMPING!” the YouTuber lays out several factors behind Bitcoin’s rally.
What you'll learn 👉
The Factors Behind BTC Pump and Why It WIll Keep Pumping
All signs are pointing that we are going to get a Bitcoin spot ETF before the 10th of January 2024, and due to that, the market is literally pricing in the ETF in the market, and that is why Bitcoin is moving up right now, Crypto Rover explained. He believes the SEC is now working cooperatively with issuers to get a spot Bitcoin ETF approved.
Crypto Rover also noted Bitcoin has been ranging for months between $17k-$25k. “Only we’re right now coming back towards the top side of the range,” he said. The breakout above a long-term downtrend at around $47k is particularly bullish.
There also appears to be a correlation between Bitcoin and gold, both of which are rising in tandem. “Bitcoin and gold are moving quite similarly towards each other towards the upside,” the analyst observed. While acknowledging we’re still in a bear market, Crypto Rover said he is accumulating BTC and feels “100% thousand convinced that we’re going to get this next bull market.”
Conclusion
Crypto analyst Crypto Rover believes the anticipation of a Bitcoin ETF approval coupled with technical factors like the breakout from a trading range are fueling Bitcoin’s rally. With BTC rising in sync with gold and long-term bullishness, he sees reasons the top cryptocurrency will continue pumping.
Source: Santiment – Start using it today
Data from Santiment also supports this thesis. As they noted on Twitter, the US dollar reaching 2023 highs would normally have a negative impact on crypto. However, Bitcoin has broken this correlation, hitting 2-month highs even as the dollar strengthens. This provides further evidence that Bitcoin’s current pump is driven by unique factors like the potential for an ETF rather than macroeconomic conditions. With digital gold and physical gold rising together, Santiment’s data aligns with Crypto Rover’s analysis that Bitcoin’s rally has room to run.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
