Bitcoin has been no stranger to issues, with its volatile value and speculative nature attracting both avid supporters and fierce critics. But despite its history of recovery over the years, the world’s most popular digital currency has faced its fair share of naysayers, a.k.a. “bears,” who have relentlessly predicted its downfall.
Now, prominent cryptocurrency analyst and trader Bob Loukas has boldly taken to Twitter to share his expert opinion on when Bitcoin will finally be able to silence all the bears for good.
With Bitcoin’s tumultuous past and uncertain future, the question on everyone’s mind is: can it truly rise above the bearish trends and become a dominant force in the world of finance?
Bob Loukas Says Bitcoin At $34K Will Be Turning Point For Bears
On Twitter, Loukas boldly declares that the bears will finally bow down to the king of crypto once it hits the $34,000 mark.
Should that happen, it could be a game-changer for the crypto world, and many possible scenarios could lead to this momentous event.
Once $BTC clears $34k the bears finally drop their bias and then the market gives them a nice welcome shakeout.
That’s called being a step behind.
— Bob Loukas (@BobLoukas) April 4, 2023
One possibility is a sudden surge in demand from institutional investors. With more and more major financial players expressing interest in Bitcoin as the banking system crumbles, it’s not hard to imagine a scenario where a flood of institutional money drives the price up to $34,000 and beyond.
Another factor that could push Bitcoin toward $34,000 is the widespread adoption of cryptocurrencies by the general public. As more people become familiar with the concept of digital currencies and their potential benefits, we could see a surge in demand for the alpha crypto and other cryptocurrencies, driving up the price.
Where Bitcoin Is Now
Amidst the turbulence of the crypto market, Bitcoin has emerged victorious once again, bouncing back from a 2.7% drop to reign supreme.
One of the causes of this brief stumble? Rumors were flying that the Interpol was preparing to launch a personal investigation against the big boss of Binance, Changpeng Zhao. But these whispers were no match for the resilience of Bitcoin, which quickly regained its footing.
Bitcoin (BTC) total market cap up a few notches and currently at $551 billion on the daily chart at TradingView.com
As of this writing, Coingecko shows that the price of BTC stands at $28,525, a testament to the digital currency’s enduring strength. BTC is up 1.09% over the past 24 hours, and 0.71% over the last seven days.
Whether it’s a brief stumble or a major market shift, Bitcoin has proven time and again that it has what it takes to weather the storms of the financial world.
-Featured image from BitDegree