Why Is Bitcoin Back Above $63K And Are Bearish Scenarios Really 'Invalidated'?

Bitcoin BTC/USD has left bearish scenarios behind and is poised for a significant Bitcoin dominance rally in the final quarter of 2024, traders claim.

What Happened: In a Monday post on X, crypto trader Stockmoney Lizards highlighted that Bitcoin closed above several critical short-term levels faster than expected. He added that this was fueled by recent events like Germany liquidating its Bitcoin holdings and the assassination attempt on former President Donald Trump. He predicted an all-time high in August as a likely scenario, concluding, “our short-term bearish scenario is invalidated, and the predicted $100,000 ramp-up might come sooner than expected."

Crypto expert Benjamin Cowen predicts Bitcoin dominance to rally in Q4 and expects the crypto king to reclaim and hold the BMSB (Bull Market Support Band). He noted similarities between Bitcoin's performance in 2013 and 2024 since in both years, it found a local low on July 5th.

Cowen also acknowledged the possibility of a more traditional cycle with a peak in Q4 of the post-halving year (2025), which could take Bitcoin longer to reclaim its BMSB. Regardless, Cowen predicts that Bitcoin’s dominance will “rally hard in Q4” and peak around 60%.

Also Read: Long-Inactive Bitcoin Wallet Unleashes $60M Amid Market Rebound, Stands To Profit 497X On Sale

Why It Matters: A CoinShares report reveals that last week digital asset investment products saw inflows of $1.44 billion inflows ,taking the year-to-date inflows to $17.8 billion. This already exceeds the 2021 inflows of $10.6 billion. Bitcoin reported the fifth-largest weekly inflows on record with $1.35 billion.

IntoTheBlock data shows large transaction volume increasing by 4% and daily active addresses growing by 27.5%.

The failed assassination attempt on Donald Trump pushed crypto prices higher, with Bitcoin crossing the $63,000 mark over the weekend. 87% of Bitcoin holders are currently in profit, while the remaining 13% are at breakeven levels.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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