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Cryptocurrency News Articles
Why I Think This Is A Good Time To Go Long Bitcoin Despite Its 44% Run-Up
Sep 28, 2024 at 11:59 am
Last week, options were approved for BlackRock's (BLK) iShares Bitcoin Trust ETF (IBIT). This is big news for Bitcoin (BTC-USD).

Bitcoin (BTC-USD) has enjoyed a strong run-up this year, with its price surging over 44% since the beginning of 2023. Despite this impressive rally, I believe there are still compelling reasons to consider going long on Bitcoin at current levels. Here's why:
1. Institutional Interest Continues to Grow:
One of the most significant developments for Bitcoin in 2023 has been the approval of options for the BlackRock (BLK) iShares Bitcoin Trust ETF (IBIT). This is a crucial step in the mainstream institutional adoption of Bitcoin, as it will now be more accessible to a broader range of investors.
2. Macroeconomic Tailwinds:
The Federal Reserve's decision to slow the pace of interest rate hikes and pivot towards a more dovish monetary policy has created a favorable environment for riskier assets like Bitcoin. Inflation is also showing signs of cooling, which could further support Bitcoin's price.
3. Limited Supply and Increasing Demand:
Bitcoin's scarcity, due to its limited supply of 21 million coins, is a well-known factor that has contributed to its price appreciation over the years. As demand for Bitcoin continues to rise, especially with institutions entering the market, the price is likely to be driven up further.
4. Technical Analysis Shows Strength:
From a technical perspective, BTC-USD has been displaying strong momentum. It recently broke above a key resistance level and is now trading above the 200-day moving average. The Relative Strength Index (RSI) is also indicating that the asset is not yet overbought.
5. Historical Precedents:
Bitcoin has experienced several bull cycles in the past, each characterized by substantial price rallies. While past performance is not indicative of future results, these precedents suggest that Bitcoin has the potential for further price appreciation in the upcoming bull cycle.
It's important to note that cryptocurrency markets are highly volatile and can be influenced by a wide range of factors. Always conduct thorough research, understand the risks involved, and invest only what you can afford to lose.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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