In a remarkable turn of events, Bitcoin (BTC) has broken out of its recent trading range, recording a 7% surge in the past 24 hours alone. The cryptocurrency tests the $66,000 resistance level, setting the stage for a potential move toward higher targets.
The latest momentum shift in Bitcoin’s price action has caught the attention of industry experts, particularly the co-founders of on-chain analytics firm Glassnode. According to their analysis, the trigger for a larger market structure release has been in the works since the March highs.
Bitcoin Breaks Out
The co-founders of Glassnode believe this breakout has been coming for a long time. They state that they have been waiting for the trigger to unleash a major bullish structure since the March highs when Bitcoin reached its current all-time high (ATH) of $73,700, and it looks like the market has finally done so.
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They believe the trigger was the recent lower-than-expected US inflation figures and weaker retail sales data, which could prompt a more “dovish stance” from the Federal Reserve.
According to the Glassnode co-founders, this opens the door to a more dovish stance from the Fed. They explain that Bitcoin and the market liked this, and now they expect the price to reach $66,000 before $69,000 and then up towards $84,000. They also believe the altcoins will follow this move strongly.
However, not all analysts are as bullish in the immediate term. Crypto trader and analyst Justin Bennett suggests that Bitcoin needs to hold the $65,000 level as new support, cautioning that the $68,000 and $73,000 price levels could act as resistance and liquidity pockets. He warns that if Bitcoin loses the $65,000 support, it’s back to the “chopfest” – further consolidation and volatility.
Andrew Tate Considers Dumping Fiat For BTC
In a surprising move, popular internet personality and self-proclaimed “Top G” Andrew Tate has announced his intention to abandon fiat currency and invest over $100 million into Bitcoin. In a post on social media platform X, formerly known as Twitter, Tate declared, “I’m about to leave fiat completely and ape over 100M into BTC.”
Tate, who has faced numerous legal issues and has been banned from several social media platforms, cited his frustrations with the traditional banking system and fiat currency as the driving force behind this potential decision.
“I’m done with the banks. I’m done with their money. Done with the scams,” he wrote in the post.
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In a follow-up post, Tate acknowledged that he has not finalized this decision, as he currently holds more cryptocurrency than fiat currency in his portfolio.
However, he hinted that he might “leave fiat completely,” suggesting that his preference for Bitcoin and other digital assets is growing.
As of press time, Bitcoin is testing the $65,900 mark, having regained its bullish momentum. It remains to be seen how far the current rally can extend and whether the bullish momentum can survive potential selling pressure at higher price levels.
Featured image from Shutterstock, chart from TradingView.com