Bitcoin's Bullish Horizon.

Things are really looking interesting, I think. The price of Bitcoin edges up to hit a key resistance level that gave it a run for its money back in May. I feel like it's just going to break through.

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I've been watching how quickly Bitcoin bounces following the touch on support of the 50-day moving average. It already pushed past $67,000, and with that, I bet it has its sights set high on that descending trendline, which has remained a tough nut to crack.

I'm not the only optimist. Many analysts are excited by Bitcoin's prospects, and one can understand why. There are one or two big events coming up that could really shake things up.

First, we have the release of the U.S. core PCE price index. This is a big deal, as it is one of the Fed's go-to measures for inflation. Assuming it comes out low, as some are expecting, that could be the final push needed to bring those interest rates down. In my opinion, that would be great news for Bitcoin.

Then, of course, there's Donald Trump speaking at the Bitcoin conference in Nashville. I'm not one for spreading rumors, but some people have been speculating that he may announce a national strategic reserve for Bitcoin. If that turns out to be the case, boy, I think we could see Bitcoin at new highs.

It's not just these events, though, that make me feel bullish. I've been going through some of the underlying fundamentals, and they paint a pretty positive picture too. The Bitcoin mining hashrate, for instance, has been improving. In my view, this suggests miners are feeling confident about future price increases despite shutting down some unprofitable machines.

Something that has definitely caught my attention is the increasing supply of stablecoins. Historically, it has been a very good omen for crypto, suggesting that money is moving from traditional markets to the crypto sphere. It's similar to people preparing their gear so everything is set up in readiness for something big.

It's worth mentioning also the recent pickup in fiat-to-crypto inflows. As it tells me, slowly more people are starting to see the potential in crypto and are willing to put their money where their mouth is.

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Of course, these are just my opinions. The crypto market is notoriously unpredictable, with the ever-present possibility that something unexpected may knock things completely off track. But from where I sit, the signs are pointing toward an exciting time ahead for Bitcoin.

Posted Using InLeo Alpha