Bitcoin stabilizes above $16,000
Okcoin CEO expects Bitcoin bear market to be driven by major developments
Cryptocurrencies May See Pressure After Breaking Below Moving Averages
Isn’t there a Santa Claus rally for Bitcoin (BTC/USD) enthusiasts? BTC price It has broken below the moving averages. Bitcoin is far from a bull market despite the bulls successfully defending $16,000. throwing insight.
Hong Fang believes the need for a strong monetary system will boost Bitcoin and cryptocurrencies. According to Okcoin’s CEO, the failures and shortcomings of the existing centralized currency system could spur a bullish market. Several countries are already testing their monetary systems with Bitcoin and cryptocurrencies. El Salvador and the Central African Republic are the highlights in this pack. Will more countries join? Hung thinks so.
The second event is the Bitcoin halving event in 2024. Fang believes it’s a coincidence that past halving events have been associated with bullishness in the cryptocurrency market. In this regard, he expects the next cycle to be related to the Bitcoin bull market.
Then there is the third and final bullish trigger – use case. The CEO says many projects continue to be created in bear market crypto.
From the Okcoin CEO’s thoughts, it is clear that he is referring to BTC’s long-term focus. However, the technical outlook paints a different picture in the short term.
BTC price outlook and analysis
The technical outlook points to Bitcoin struggling after a small drop. The moving averages are showing resistance to BTC price. The RSI remains below the midpoint.
Is BTC set to touch lower prices?
Bitcoin Directionless movement. The cryptocurrency has stabilized at this level, but a notable price is $16,000. On the bullish side, $19,000 is the price cap. The above recovery could welcome further uptick.
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