Leading crypto Bitcoin (BTC) continues to struggle to take the psychological resistance $17,000. Amid this struggle, Okcoin CEO expects important 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 monetary systems will drive Bitcoin and crypto. According to Fang, the failures and shortcomings of existing centralized currency systems are likely to boost markets. Already several countries are testing their monetary systems with Bitcoin and crypto. Highlights in this pack are El Salvador and the Central African Republic. But will more countries be involved? Okcoin’s CEO expects it to be so.
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 is clear from Fang’s thoughts that he refers to the long-term focus of BTC. But a technical outlook paints a different picture for the short term.
BTC price view and analysis
Crypto analyst Motiur Rahman points out the following points in Bitcoin’s technical picture. A technical outlook shows Bitcoin struggling after a slight drop. Meanwhile, moving averages provide resistance to BTC price. The RSI stays below the midpoint.
BTC price chart / Source: TradingViewWith this, cryptocoin.com As you follow, BTC lacks a directional movement. 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 rebound above could welcome further gains.
