The Bitcoin “Big Money Algos” Are Here: Will BTC Breach $70,000?
February 20 2024 - 10:00AM
NEWSBTC
Mike Alfred, a Bitcoin investor and crypto commentator, thinks the
“big money algos” are back and predicts the world’s most valuable
cryptocurrency will rally to record fresh February 2024 highs but
retest all-time highs. This uptick, Alfred says, is before the
network finally halves its miner rewards. The “Big Money
Algos” As BTC Retests $53,000 Taking to X on February 20, the
investor notes that “big money algos just flipped on” and
that the uptrend remains. By the time Alfred posted on X, BTC was
headed towards the $53,000 before slipping back slightly to around
the $59,000 level. However, the uptrend remains when looking at the
candlestick arrangement in the daily chart. Bitcoin has been
increasing, defying gravity for the better part of February. At
spot rates, analysts, including Alfred, expect the coin to push
higher, breaking above $53,000, a stubborn resistance level. If
this happens, and considering the sharp breakout, it is likely that
buyers will push prices higher towards $60,000 and potentially
towards $70,000, as the investor predicts. Related
Reading: Solana, Chainlink Among Coins With Overheating Open
Interest: Data Even so, it remains to be seen whether the uptrend
will be sustained. When writing, the breakout has been met with
solid rejection. Notably, there appear to be “sell walls,” which
are large sell orders parked at around $53,000. Still, optimistic
bulls expect a triumph, marked by a comprehensive close above this
psychological round number. The crypto community, including the
investors, is bullish on Bitcoin. So far, anticipation has been
building up for even more gains ahead of halving. Bitcoin halving,
an event set at the protocol level, will half miner rewards,
possibly inducing a supply shock, assuming the current demand
increases. Presently, Bitcoin supporters believe the network will
continue to find more adoption as a medium of exchange and a store
of value. With the coin becoming deflationary after halving, the
consensus is that prices, guided by historical performance, will
rise. Bitcoin Traders Are Bullish As Billions Flow To The
Industry While optimism reigns, Bitcoin remains volatile despite
recent institutional participation. Through the spot Bitcoin
exchange-traded funds (ETFs), Wall Street players have found a
regulated product to channel billions into Bitcoin, reading from
the amount of coins scooped in the recent past. Related Reading:
Ethereum Receives Nod Of Approval From Berstein: ETH Price Will
Reach $10,000 Still, whether the uptrend will continue depends on
other macro factors, including monetary policy status in the United
States. In March, the United States Federal Reserve (Fed) will
guide the interest rate regime. It is a decision that may lift BTC
to new levels as a store-of-value asset or force prices lower as
capital rotates that to the greenback. Feature image from
Shutterstock, chart from TradingView
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