• Ben Armstrong, a YouTuber and influencer in the cryptocurrency world, predicts that Bitcoin will have a strong rally in its price, with the value of the cryptocurrency potentially reaching $25,000 to $30,000 in the next 10-15 weeks.
• Bitcoin’s recent positive momentum, where it is trading above its 200-day moving average, has given buyers reason to believe that they can purchase more Bitcoin at a lower price than its current trading value.
• During one of Bitcoin’s bull runs, the cryptocurrency caused significant losses for bears by forcing the liquidation of short bets worth millions of dollars.
Recently, Ben Armstrong, a well-known YouTuber and influencer in the cryptocurrency world, made an interesting prediction about the price movement of Bitcoin this year. Armstrong noted that he was pleased with the positive sentiment in the crypto world, as Bitcoin had recently surpassed the $18,000 and $19,000 marks on January 12th. However, he did not expect Bitcoin to reach new all-time highs this year, but rather strong rallies in its price.
Armstrong predicted that Bitcoin is at the beginning of a run-up that could drive the value of the cryptocurrency to $25,000 or potentially even $30,000 within the next 10 to 15 weeks. He based this prediction on the current market conditions. The recent turnaround in Bitcoin’s price has brought a dominant positive momentum, with the cryptocurrency trading above its 200-day moving average. This has given buyers reason to believe that they can purchase more Bitcoin at a lower price than its current trading value.
During one of Bitcoin’s bull runs, the cryptocurrency caused significant losses for bears by forcing the liquidation of short bets worth millions of dollars. According to Coinglass, the total for shorts liquidated on January 12th was over $10 million. This indicates that the short sellers were heavily affected by the positive momentum in the market, which is likely to continue in the future.
The positive sentiment in the crypto world has been further strengthened by the recent news that institutional investors are now increasing their exposure to Bitcoin. For example, Grayscale Investments, the largest digital asset manager, recently reported that its Bitcoin Trust had surpassed $20 billion in assets under management. This shows that institutional investors are taking a more active role in the cryptocurrency market, which could lead to a further increase in Bitcoin’s price.
Overall, it appears that the cryptocurrency market is in a bullish phase. With the recent positive momentum and institutional investors increasing their exposure to Bitcoin, the cryptocurrency could potentially reach new highs in the future. It remains to be seen whether Armstrong’s prediction of Bitcoin’s price reaching $30,000 in 10 to 15 weeks will come to fruition, but only time will tell.