Expert traders believe Bitcoin bull run’s second leg has started

Expert traders believe Bitcoin bull run’s second leg has started
11 months ago
2 mins read

With Bitcoin (BTC) trading marginally below $63,000 and the flagship digital asset back in the green, renowned cryptocurrency trading experts took to Twitter to express their latest market estimates.

Interestingly, the pseudonymous Dutch crypto trading analyst Plan B, whose stock-2-flow price prediction model estimates that Bitcoin will reach six figures by the end of 2021, stated on October 26 on Twitter, “Bitcoin bull market, 2nd leg has started.”

Similarly, certified technical analyst CryptoBirb agreed with his counterpart and urged his followers to close their Bitcoin short positions before it was too late. According to the analyst in his most recent Bitcoin and market update:

“Local retracement’s volume profile suggests 63.3k to be the main resistance and once-daily close over 63.3k occurs, Bitcoin should have it easier to break through new ATH again straight to 70k.”

He added: 

“When Bitcoin bursts through 70k milestone, the momentum is going to increase insanely additionally causing a snowball effect – the stronger it gets, the more people & institutions will FOMO in expecting higher returns and trend continuation.”

Bitcoin price 

Although the cryptocurrency’s famous volatility implies that it will face a large drop at some point, this is not an inevitable conclusion. As it appears, the dip below $60,000 in the last week was indeed temporary, and the asset appears to be holding firm above despite a $45 billion outflow taking place on October 22.

Presently, the price of Bitcoin is trading above $63,722, down 0.4% in the last 24 hours and 0.9% over the previous seven days, according to CoinMarketCap.com.

Bitcoin 7 day price chart. Source: CoinMarketCap.com

Furthermore, Bitcoin’s price appears to be boosted by the news that global payment facilitator Mastercard (NYSE: MA) has teamed with Bakkt, a digital asset business, to enable any bank or merchant on its network to include Bitcoin and other cryptocurrencies into its offerings. 

In the past, the payments giant has called cryptocurrencies an “essential part of the payments world,” and statements about integrating them onto its network have typically preceded a market spike. 

Bakkt’s cooperation with banks, fintech, and merchants will make it possible to provide clients the choice to purchase, view, and keep Bitcoin and other cryptos, along with the opportunity to receive a reward in cryptocurrency.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.