In a recent episode of the Thinking Crypto podcast, host Tony Edward delved into the current state of the crypto market, focusing on Bitcoin‘s impending move. The discussion centered around whether Bitcoin will experience a bullish surge or face a bearish downturn, with various analysts offering insights.
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The host cited comments of Adrian Zduńczyk, founder of a trading community called “Crypto Birb.” Zduńczyk presented a chart indicating a cautious stance on Bitcoin’s price. Yet, according to the analyst, Bitcoin’s immediate breakout target lies between $41,000 and $42,000.
Despite highlighting the strengthening trend in the Bitcoin bull market, he noted the absence of the final breakout. Also, Zduńczyk remains conservative about the immediate prospect of Bitcoin reaching $48,000 to $50,000.
On the other hand, Edward cited analysts at Stockmoney Lizards crypto channel, presenting two possible scenarios for the crypto market. Edward highlighted their bullish-bearish sentiments debate, with some pessimistic voices predicting a crash to $20,000. Meanwhile, the podcaster stated that while such bearish calls on Bitcoin have not materialized, the prospect of a significant fall from Bitcoin’s current $37k cannot be ruled out.
Nonetheless, Tony Edward leans towards the bullish scenario for Bitcoin. He emphasized considering factors with higher probabilities rather than succumbing to emotions. He drew parallels between Bitcoin’s historical performance and the correlation between the rise in stablecoin supply and the bullish trends observed in 2020 and early 2021.
Edward mentioned that during the bear market of May 2022, stablecoin supply showed a decline. Now, as the market experiences an upswing once again, the stablecoin supply is on the rise, reflecting a renewed confidence in the market.
Furthermore, the podcaster scrutinized the broader financial landscape to cement his bullish stance on Bitcoin. He pointed out the weakening trend of the U.S. Dollar Index (DXY). He argued that traditionally, as the DXY declines, assets, including cryptocurrencies, tend to rise.
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