Bitcoin’s price is on the rise again, with experts predicting a potential 40% jump in the coming weeks. The recent US election seems to have fueled this bullish sentiment, with Bitcoin surging by 8% in the early hours of trading after the results were announced.
The “Pain” is Easing
CryptoQuant CEO Ki Young Ju believes that the recent price increase is just the beginning of a bigger surge. He argues that Bitcoin holders often experience “max pain” during bear markets, but eventually, the pain subsides, and the price starts to rise again. This “changing of hands” is happening now, according to Ju, who predicts a 30-40% increase in the short term.
Technical Indicators Point Upwards
Bitcoin’s technical indicators also suggest a bullish outlook. The price is approaching the upper Bollinger Band, indicating strong momentum. The Relative Strength Index (RSI) is currently at 63, suggesting upward momentum. This is a significant increase from the 56% RSI recorded just before the election, which indicated a balanced market.
Staking Platforms Benefit from the Surge
The recent price action is also benefiting staking platforms, which allow users to earn rewards by holding their Bitcoin. Solv Protocol, a leading BTC staking platform, has seen its Total Value Locked (TVL) surpass $2 billion. This surge in activity highlights the growing importance of staking in the crypto market.
A Time for Gradual Selling
While the future looks bright for Bitcoin, Ju cautions investors against adopting an “all-in” buying strategy. He recommends a more gradual approach, selling some of their holdings as the price increases. This strategy aims to capitalize on the potential gains while mitigating the risks associated with a volatile market.
