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In the face of recent bearish pressure, prominent crypto analyst Jelle remains bullish on Bitcoin (BTC), forecasting that the crypto is well-positioned to reach the significant milestone of $100,000. In a recent tweet, Jelle expressed that bears were doing their best to convince people otherwise, but he believed that BTC was well on its way to $100,000.
While short-term price dips can be unsettling for some investors, seasoned analysts like Jelle urge caution against making hasty decisions based on temporary market fluctuations. According to Jelle's analysis, the current bearish pressure should not deter investors from Bitcoin's long-term potential. The analyst's bullish prediction is grounded in fundamental factors.
Bitcoin halving factor
One of the key factors driving optimism within the Bitcoin community is the upcoming Bitcoin halving, expected to occur in approximately 16 days. During this event, the block reward for miners will be reduced from 6.25 Bitcoin per block to 3.125 Bitcoin per block. This reduction in the rate of new Bitcoin creation is anticipated to make the crypto's supply even scarcer.
Historically, Bitcoin halving events have often preceded bullish market cycles. The reduced supply coupled with sustained demand typically leads to upward pressure on the price of Bitcoin. Many investors and analysts, including Jelle, view the upcoming halving as a potential catalyst that could usher in a new bull market for Bitcoin.
Over the past two days, Bitcoin has experienced some volatility, with its price dropping from a high of $71,256 to a low of $64,610. However, as of the latest data, Bitcoin has shown resilience and is currently trading at $66,018. This represents a modest increase of 0.66% over the last 24 hours, indicating that the crypto is holding steady amid market fluctuations.
Despite facing some bearish pressure recently, Bitcoin remains resilient, with analysts like Jelle maintaining a bullish outlook on its long-term prospects. With the highly anticipated Bitcoin halving just around the corner, many in the community are optimistic that this event could catalyze Bitcoin's price to surpass the $100,000 mark in the not-too-distant future.
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