Bitcoin is struggling to sustain above $70,000, indicating that the long-lasting rally could be tiring out.
Bitcoin’s (BTC) recovery is showing hesitation near $70,000, but a positive sign is that the bulls have not ceded ground to the bears. Acheron Trading CEO Laurent Benayoun believes the current bull cycle has room to run and could top out between $120,000 and $180,000, buoyed by several factors such as the Bitcoin exchange-traded funds, the upcoming Bitcoin halving, and the likely reduction in interest rates.
Another bullish voice was that of Bitwise chief investment officer Matthew Hougan, who said in a memo to the investment professionals to “keep calm and take the long view.” Hougan believes that if global wealth managers allocate 1% of their portfolio into Bitcoin, that could result in an inflow of roughly $1 trillion into the space.
Although there are several bullish catalysts for Bitcoin to continue its rally in Q2 2024, trading firm QCP Capital cautioned that the current move was showing signs of exhaustion and the bulls may find it challenging to extend the uptrend.
