Bitcoin in ‘Boom’ phase after closing highest weekly candle in 2 years

Bitcoin’s recent bullish streak has propelled it past the $48,000 mark, leading to speculation that further gains are on the horizon. According to pseudonymous cryptocurrency expert Trader Tardigrade, Bitcoin has entered a ‘Boom’ phase and could reach $130,000 and beyond this year. This comes as Bitcoin’s weekly candle close has reached its highest level in over two years, signaling a potentially significant upward movement. Despite skepticism surrounding Bitcoin, support levels remain strong, with the next major resistance level expected to be around $57,000. Bitcoin’s current price stands at $48,080, with a slight daily decline but a solid gain of 11.83% over the week and 11.31% over the previous 30 days. Looking ahead, the CEO of Bitwise Invest suggests that the true valuation of Bitcoin will be unveiled in 2024, with the introduction of approved spot exchange-traded funds and the upcoming halving. Overall, the market structure of Bitcoin is said to be improving, suggesting positive developments for the cryptocurrency.