🎈 Ivan believes that Bitcoin is showing strong resilience despite recent market turbulence. He notes that while the price has been pushed down, it quickly rebounds "like a beach ball" underwater, demonstrating the strength of bullish sentiment. According to Ivan, as long as Bitcoin remains within its current range, the bullish scenario is playing out as predicted.
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Ivan points out that Bitcoin has been in an unusually tight trading range for an extended period, which he sees as a positive sign. He quotes the saying "the longer the base, the bigger the breakout," suggesting that this consolidation period could lead to a significant upward move in the future.
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Despite some bearish factors like increased odds of an anti-crypto candidate winning the U.S. election and tensions in the Middle East, Ivan remains optimistic. He highlights that institutional players like MicroStrategy continue to accumulate Bitcoin, which he sees as a bullish indicator.
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Ivan also discusses the potential for Bitcoin to reach much higher prices in the future. He references a prediction from VanEck suggesting Bitcoin could reach $350,000 in the short term, representing half the market cap of gold. For the longer term, even higher price targets in the millions of dollars are mentioned, though Ivan acknowledges these are more speculative.
Overall, Ivan maintains a positive outlook on Bitcoin's near-term prospects, seeing the current consolidation as a prelude to further upward movement once certain market pressures ease.
