With Bitcoin currently trading above $30,000, Lunde expresses growing optimism fueled by multiple positive catalysts on the horizon.
Lunde emphasizes the revival of institutional interest in spot Bitcoin ETFs, indicating a validation of Bitcoin as a viable and robust investment alternative.
This institutional support, combined with other factors, sets the stage for an exciting market in the next nine months, which could significantly affect the price of BTC.
Bitcoin Price Prediction
Bitcoin made unsuccessful attempts to break above the $31,000 resistance level and experienced a downward correction below $30,850.
The break of an uptrend line with support around $30,750 resulted in a drop below $30,250, with a low near $30,160.
Currently, Bitcoin is consolidating its losses and trading near the 23.6% Fibonacci retracement level. It remains below $30,800 and the 50-day simple moving average.
Immediate resistance is evident around $30,600, followed by a significant resistance level near $30,750 and the 50-day simple moving average.
To retest $31,000, the price would need to break above the 50% Fibonacci retracement level.
Conversely, if the $31,750 resistance level remains intact, Bitcoin’s move lower may continue. Immediate support lies around $30,150 and the recent low, while the next major support level is near $30,000.
More losses could push the price towards $29,550 or even the $29,200 zone in later sessions.
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