Bull Comment from the Analyst for BTC

While Bitcoin, the leading cryptocurrency that failed in its attempts to exceed $25,000, continued its horizontal course, a bull comment came from the famous crypto money analyst Charles Edwards for BTC. Pointing out that January is very important for BTC, Charles Edwards said that Bitcoin performed very well. Stating that he expects a rise in Bitcoin, unlike analysts who expect a decrease in Bitcoin, Edwards listed nine reasons for BTC to be in bull mode.

“The first reason is that Bitcoin has emerged from a multi-month low-value period defined by many on-chain metrics, including the cost of electricity and trading. Because Historically, this has been the global price floor for Bitcoin. The current bear market is the reason Bitcoin has It was the second longest period spent in electricity cost. The second reason is the incredibly rapid recovery after the FTX crash. We have eclipsed the price drop of the 3 biggest scams in human history in just 2 months. The third reason is a major technical price confirmation at $20,000, the most important price level on the Bitcoin chart. Another reason is that Bitcoin is entering a new bullish momentum confirmed by multiple long-term moving averages, with the daily averages heading upwards.”

Referring to the halving that is expected to take place in 2024, Edwards thinks this halving will be the most important halving of all time for Bitcoin and sees it as another reason for the bull.

“We are in the timing of the halving cycle where Bitcoin typically bottoms out. Bitcoin has bottomed 12-18 months before each halving in the past.”

Noting that he sees Bitcoin’s decline of more than 80% at the end of 2022 as a reason for the bull, the analyst said, “Bitcoin has reached its biggest pain point with a price cut of over 80%.” said. As the last reason, Edwards cites that he expects the FED to slow down in interest rate hikes and make policy changes in 2023. He thinks that this change in the FED will open a big bullish door for Bitcoin.