{"id":549418,"date":"2023-08-30T22:00:21","date_gmt":"2023-08-30T22:00:21","guid":{"rendered":"https:\/\/wncen.com\/?p=549418"},"modified":"2024-06-11T08:16:16","modified_gmt":"2024-06-11T08:16:16","slug":"new-bull-run-for-bitcoin-if-it-breaks-this-level-expert-addresses-elephant-in-the-room","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/new-bull-run-for-bitcoin-if-it-breaks-this-level-expert-addresses-elephant-in-the-room\/","title":{"rendered":"New Bull Run For Bitcoin If It Breaks This Level, Expert Addresses Elephant In The Room"},"content":{"rendered":"

The Bitcoin price is on the move as bulls take over the market and reclaim previously lost territory. While the rally signals potential, BTC still needs to overcome significant resistance at higher levels. \u00a0<\/strong><\/p>\n

Related Reading: Bitcoin Insider Trading Suspicions Take Root Following Grayscale Win, What\u2019s Happening?<\/a><\/div>\n

As of this writing, Bitcoin (BTC) trades at $27,300 with a 5% profit in the last 24 hours. In the previous seven days, BTC recorded similar profits as other cryptocurrencies in the top 10 see gains for the first time in over two weeks.<\/p>\n

\"Bitcoin
BTC’s price records some profits on the daily chart. Source: BTCUSDT on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

$30,000 Are The $12,000, A Bitcoin Bull Run In The Making<\/h2>\n

According to Bloomberg Intelligence\u2019s Mike McGlone, the current Bitcoin price action is akin to that display before the 2020 bull run<\/a>. At that time, macroeconomic forces influenced the crypto market as BTC prepared for a Halving event.<\/p>\n

The cryptocurrency also struggled to reclaim a critical level of around $12,000. McGlone believes that $30,000 is similar to that level and that breaching it would open the door for further gains, but are the conditions given for such an event?<\/p>\n

NewsBTC has reported that the biggest catalyzer for a Bitcoin bull run lies with the US Securities Exchange Commission (SEC). The cryptocurrency might have a massive capital inflow if the regulator approves a spot BTC Exchange Traded Fund (ETF).<\/p>\n

Yesterday, asset manager Grayscale scored a victory against the Commission, and a US judge ruled in favor of the company in their Bitcoin ETF lawsuit. The expert commented the following on this development and how it can pave the way for a BTC rally:<\/p>\n

The inevitable approval of Bitcoin exchange traded funds in the US is moving closer, but the elephant in the room for all risk assets remains \u2013 the Fed is still tightening (\u2026). Sustaining back above $30,000 would indicate a reversal upwards akin to a similar pattern around $12,000 in 2H20.<\/p><\/blockquote>\n

Of course, McGlone doubts the cryptocurrency can push above $30,000 in the short term. Despite the similarities between the current price action and 2020, there are two significant obstacles: the Fed\u2019s monetary policy and the low liquidity in the financial markets.<\/p>\n

As a result of these conditions, the chart below shows the BTC price trending to the downside, with volatility moving in the opposite direction. The expert believes this dynamic potentially sets the stage for Bitcoin to drop into the $12,000 region.<\/p>\n

\"Bitcoin
BTC’s price moving opposite to volatility sets the stage for a re-test of $12,000? Source: Mike McGlone on X<\/figcaption><\/figure>\n
Related Reading: Renowned Economist Explains Why Grayscale\u2019s Win Is Not Good For Bitcoin Price<\/a><\/div>\n

While these factors remain, Bitcoin will likely move sideways around its current levels, but the cryptocurrency will keep its bullish structure even if this scenario plays out.<\/p>\n

Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price is on the move as bulls take over the market and reclaim previously lost territory. While the rally signals potential, BTC still needs to overcome significant resistance at higher levels. \u00a0 Related Reading: Bitcoin Insider Trading Suspicions Take Root Following Grayscale Win, What\u2019s Happening? As of this writing, Bitcoin (BTC) trades at $27,300 with a 5% profit in the last 24 hours. In the previous seven days, BTC recorded similar profits as other cryptocurrencies in the top 10 see gains for the first time in over two weeks. $30,000 Are The $12,000, A Bitcoin Bull Run In The Making According to Bloomberg Intelligence\u2019s Mike McGlone, the current Bitcoin price action is akin to that display before the 2020 bull run. At that time, macroeconomic forces influenced the crypto market as BTC prepared for a Halving event. The cryptocurrency also struggled to reclaim a critical level of around $12,000. McGlone believes that $30,000 is similar to that level and that breaching it would open the door for further gains, but are the conditions given for such an event? NewsBTC has reported that the biggest catalyzer for a Bitcoin bull run lies with the US Securities Exchange Commission (SEC). The cryptocurrency might have a massive capital inflow if the regulator approves a spot BTC Exchange Traded Fund (ETF). Yesterday, asset manager Grayscale scored a victory against the Commission, and a US judge ruled in favor of the company in their Bitcoin ETF lawsuit. The expert commented the following on this development and how it can pave the way for a BTC rally: The inevitable approval of Bitcoin exchange traded funds in the US is moving closer, but the elephant in the room for all risk assets remains \u2013 the Fed is still tightening (\u2026). Sustaining back above $30,000 would indicate a reversal upwards akin to a similar pattern around $12,000 in 2H20. Of course, McGlone doubts the cryptocurrency can push above $30,000 in the short term. Despite the similarities between the current price action and 2020, there are two significant obstacles: the Fed\u2019s monetary policy and the low liquidity in the financial markets. As a result of these conditions, the chart below shows the BTC price trending to the downside, with volatility moving in the opposite direction. The expert believes this dynamic potentially sets the stage for Bitcoin to drop into the $12,000 region. Related Reading: Renowned Economist Explains Why Grayscale\u2019s Win Is Not Good For Bitcoin Price While these factors remain, Bitcoin will likely move sideways around its current levels, but the cryptocurrency will keep its bullish structure even if this scenario plays out. Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":549419,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-549418","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nBull Run For Bitcoin If It Breaks This Level, Expert Addresses Elephant In The Room<\/title>\n<meta name=\"description\" content=\"The Bitcoin price is on the move as bulls take over the market and reclaim previously lost territory. 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Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"New Bull Run For Bitcoin If It Breaks This Level, Expert Addresses Elephant In The Room","url":"http:\/\/wncen.com\/news\/new-bull-run-for-bitcoin-if-it-breaks-this-level-expert-addresses-elephant-in-the-room\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/new-bull-run-for-bitcoin-if-it-breaks-this-level-expert-addresses-elephant-in-the-room\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Price-BTC-BTCUSDT-11.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Price-BTC-BTCUSDT-11.jpg?fit=640%2C452"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2023-08-30T22:00:21Z","datePublished":"2023-08-30T22:00:21Z","dateModified":"2024-06-11T08:16:16Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"New Bull Run For Bitcoin If It Breaks This Level, Expert Addresses Elephant In The Room\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/new-bull-run-for-bitcoin-if-it-breaks-this-level-expert-addresses-elephant-in-the-room\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/new-bull-run-for-bitcoin-if-it-breaks-this-level-expert-addresses-elephant-in-the-room\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Bitcoin-Price-BTC-BTCUSDT-11.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Bitcoin-Price-BTC-BTCUSDT-11.jpg?fit=640%2C452\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2023-08-30T22:00:21Z\",\"datePublished\":\"2023-08-30T22:00:21Z\",\"dateModified\":\"2024-06-11T08:16:16Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Price-BTC-BTCUSDT-11.jpg?fit=640%2C452","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/549418"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=549418"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/549418\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/549419"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=549418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=549418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=549418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}