This week has been pretty fortunate for Bitcoin and crypto regarding the fundamentals. India has removed the RBI-imposed crypto ban (although, this story seems not to be over yet, as the central bank intends to challenge this verdict in court), South Korea has officially approved crypto currency trading and a French court acknowledged Bitcoin as a currency (as well as Germany a short while before that).
With the halving about two months away, all eyes of the community are on the Bitcoin price. A cryptocurrency trader offers his take on when BTC is likely to start surging before this much-expected event and why.
‘Bitcoin needs to break and hold above $9,500s’
Crypto trader Josh Rager says that the $9,400-$9,500 mark has been an important S/R level since summer 2019. If BTC breaks above that, Rager tweets, it will likely to trigger a bullish continuation.
The trader places his take profit target in the $9,400 area.
‘The lowest BTC price has been avoided so far’
Trader Crypto Dog has shares some information he had got from a big BTC miner. As per the trader, the person said that the lowest price point for Bitcoin has been avoided so far - $8,200.
Regarding the recent U-turn of the crypto policy in India, crypto asset manager and investor Marius Landman stated that he expects the majority of self-made millionaires in the crypto sphere to emerge from India in the future.
The reason for this, he reckons is that people there love safe haven assets – gold, silver and cryptocurrencies.
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