Okcoin CEO: Lock Into These 3 Events! It Will Affect Bitcoin

Okcoin CEO: Lock Into These 3 Events!  It Will Affect Bitcoin
0

Leading crypto Bitcoin (BTC) continues to strive to get the spiritual resistance $17,000. In the midst of this struggle, Okcoin CEO expects valuable developments to drive the Bitcoin bear market. However, the cryptocurrency could come under pressure after falling below the moving averages.

“These 3 catalysts will drive Bitcoin price higher”

No Santa Claus rally for Bitcoin (BTC) lovers as we approach the new year? According to analysts, this is the clearest sign as the BTC price has dropped below the moving averages. Despite the bulls successfully defending $16,000, Bitcoin is far from the bull market for now. However, the CEO of crypto exchange Okcoin explains his views on what to look for for a bullish Bitcoin move.

Hong Fang, CEO of Okcoin, thinks that the need for strong financial systems will drive Bitcoin and crypto. According to Fang, the failures and shortcomings of existing centralized currency systems are likely to boost markets. In fact, several countries are testing their monetary systems with Bitcoin and crypto. Highlights in this pack are El Salvador and the Central African Republic. So will more countries be involved? Okcoin’s CEO expects it to be that much.

okcoin

The second event is the Bitcoin halving event in 2024. Fang wonders if it’s a coincidence that past halvings have been associated with the rise of cryptocurrency markets. In this regard, he expects the next cycle to be associated with a bull market for Bitcoin.

The third and final bullish trigger is the expansion of cryptocurrency use cases. Okcoin’s CEO says that in a bear market, many projects continue to be created in crypto. He expects the projects created right now to be the next trigger of the bull cycle. It’s clear from Fang’s insights that he’s referring to BTC’s long-term focus. However, a technical outlook paints a different picture for the short term.

Current news is instantly on the Popular Token Telegram Channel!

BTC price view and analysis

Crypto analyst Motiur Rahman draws attention to the following points in Bitcoin’s technical photo. A technical outlook shows Bitcoin struggling after a slight drop. In this middle, the moving averages provide resistance to BTC price. The RSI stays below the midpoint.

Okcoin CEO: Lock Into These 3 Events! It Will Affect BitcoinBTC price chart / Source: TradingView

BTC is deprived of a biased move. Although the cryptocurrency has stabilized at this level, the price to watch is $16,000. On the upside, the price cap is $19,000. A recovery at the top could welcome further gains.

Click to rate this post!
[Total: 0 Average: 0]

Join Our Newsletter

Sign up for free now and be the first to know about new updates.

Write a Comment