Bitcoin Back Above $1 Trillion Market Cap: Crypto Experts Weigh In On What’s Ahead
By Benzinga
The winds of fortune have filled Bitcoin's (CRYPTO: BTC) sails once again, as its market capitalization soared past the coveted $1 trillion mark on Wednesday for the first time since December 2021.
This surge pushed the world's most prominent cryptocurrency beyond the $51,000 threshold, revisiting highs not seen since that month.
Fueling The Flames:
This latest leg of the bullish run, which began in January 2023, has seen Bitcoin gain a staggering 21% in value year-to-date.
However, the path wasn't entirely smooth.
Experts like Rajagopal Menon, Vice President of crypto exchange WazirX, highlight a brief dip below $50,000 before the decisive climb.
Nevertheless, the sentiment remains largely positive, with the "Fear and Greed Index" tilting towards "Greed."
Technical Analysis Paints A Bullish Picture:
Menon delves into the technical intricacies, explaining that key indicators like the MACD and RSI suggest further upward potential.
Overall, the wider market optimism seems to favor a robust rally.
Also Read: Raoul Pal Targets $250,000 Bitcoin, Points To Currency Debasement As Reason: 'You're A Wage Slave'
Echoing The Sentiment:
Crypto trader CryptoSniper adds another layer of insight, attributing the previous day's dip to futures liquidation but emphasizing the "Spot Demand" driving the current upswing.
The trader points to a significant development: Bitcoin's price exceeding its production cost level for the first time since May 2022.
Institutional Interest and Strategic Moves:
CryptoSniper further highlights the acceleration of U.S. institutional inflows, suggesting a potential break from the traditional "cycle before halving" pattern.
They emphasize the importance of the weekly close for solidifying this trend.
CryptoSniper further said they have entered long positions on BTC and Ether (CRYPTO: ETH) with defined stop-loss limits and emphasized the importance of trading altcoins boxes.
Photo: Shutterstock
