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Bitcoin Taps $29,000—Why BTC May Never Revisit Its Previous Lows

2 mins
Updated by Kyle Baird
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In Brief

  • Bitcoin markets remain resilient amid U.S. war on crypto.
  • Halving narrative continues to strengthen.
  • BTC tapped a nine month high of $29,000.
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The Bitcoin price hit a new 2023 high today, and one analyst explains his case for why BTC will not return to its cycle low again.

Bitcoin and crypto market momentum is increasing despite an ongoing war on crypto in the United States.

As another American banking crisis begins to unfold, financial regulators are scrambling to patch the holes in the leaking vessel. Part of their strategy is to attack one of the few viable alternatives – cryptocurrencies.

This has been clearly evident this year with several major enforcement actions taken against the industry’s biggest players. However, Bitcoin and crypto markets have remained resilient so far in 2023.

One analyst believes that Bitcoin prices will never return to their previous cycle low. This was just below $16,000 in late November following the FTX collapse. Since then, the asset has gained around 80% to today’s intraday peak.

Bitcoin Halving Narrative Strengthening

On March 30, analyst Jesse Myers presented his case on why he thinks Bitcoin prices are unlikely to be this low again.

Bitcoin Halving vs Price Chart Source: Twitter/@Croesus_BTC
Bitcoin Halving vs Price Chart Source: Twitter/@Croesus_BTC

He added that most people miss the bottom because they freeze up and watch it go by. This was in November 2022 when crypto markets crashed to a four-year low.

Furthermore, we are still below the ‘price equilibrium’ at current levels.

The Bitcoin halving narrative has been proven in the last three major cycles. A bull market has followed each halving event, and history appears to rhyme again.

“This is the result of a supply shock upending Bitcoin’s supply/demand price equilibrium.”

The analyst said there is a lot of noise in this price action. “That’s a new, free market asset bootstrapping itself from nothing to become a major player in the global asset landscape,” he added.

Underneath that noise is the halving narrative, with the next event around a year away.   

Bitcoin price and halving narrative
Source: Twitter/@Croesus_BTC

BTC Taps $29,000  

BTC tapped its highest price for nine months during the early morning hours of March 30. As a result, the top-ranked cryptocurrency by market cap topped $29,000 briefly before pulling back a little.

At the time of press, BTC was trading at $28,621, following a daily gain of 3.7%.

BTC/USD 24 hours - BeInCrypto
BTC/USD 24 hours – BeInCrypto

Furthermore, the Bitcoin fear and greed index has moved back into ‘greed’ territory with a value of 60 today.

The $30,000 zone is the next heavy resistance, so it could well reach that soon before any market correction.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...
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