The price of Bitcoin rallied past $30k on Wednesday which is said to be the largest short squeeze in the month of June. Bitcoin has climbed 12% from Tuesday's low.
Bitcoin is less than an year away from its next halving event. Institutional adoption also is siad to be fuelling a recovery in Bitcoin.
This breaking past of $30k of Bitcoin is believed in a report to be a bullish trend reversal in Bitcoin, after weeks of decline in it's price due to regulatory pressures from the crackdown.
Bitcoin today's rally has ended two months of long down trend breaking past $30k for the first time since April 2023.
Coinmarketcap
Is this move the key bullish signal from Bitcoin that could confirm the shift in the sentiments in the crypto space?
What are the possible catalyst driving these gains in Bitcoin?
The Interest of Financial Institutions
The interest from financial institutions in Bitcoin is said to have acted as catalyst driving the price of Bitcoin higher in the short term.
The Bitcoin Halving
Bitcoin halving is said to happen in less than a year from now and experts consider halving events key to price trend of Bitcoin.
Typically it is believed that halving events drive price of Bitcoin high and this has emerged as a trend over the past three Bitcoin halving events.
Based on the chart above from Blockchain Center, the upcoming Bitcoin halving oin 2024 is expected to drive the price of Bitcoin to a new all time high.
Traditional Giants Launching Crypto Exchange Platform
Giants from traditional finance industry have reportedly joined hands to launch a crypto exchange platform.
Bullish news for Bitcoin and crypto market so far. Let's see how it goes.
Note: This is not a financial advice.
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