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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin (BTC) Could Be Warming Up For Another Rally, Here’s Why

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
SUI continues Rally

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While Bitcoin’s (BTC) price action since the beginning of the year has been impressive, surging by over 80% since January due to several factors, the asset has plummeted in recent weeks for other reason that include the continuous regulatory scrutiny in the industry. 

However, according to recent reports, the asset may just be gearing for another rally. In the last 24 hours, another major United States bank was reported to be facing a financial run signaling insolvency issue or bankruptcy.

Another Major Bank Collapse Could Impact Bitcoin Rally

According to the latest update, First Republic Bank (FRC) is currently experiencing a financial run as the bank disclosed it lost nearly $100 billion in deposits amid last month’s banking crisis. The bank said it is currently unloading between $50 billion and $100 billion in debt instruments as part of its “strategic options” to resolve the massive capital outflow.

However, the White House has expressed concern about a way to assist the bank out of insolvency, as reported by the Financial Times, which revealed that officials from the Biden Administration, the Federal Reserve, and the Treasury Department have consulted the bank’s top executives in the past few days.

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Despite this, investors and traditional bankers seem to have begun panicking, searching for a safer haven or alternative for the store of value. Following the news, the First Republic shares plunged by more than 40% reaching an all-time low in Tuesday’s trading session. 

Particularly, FRC shares hit an all-time low of $8.10 as the markets closed on Tuesday. Interestingly, while that happened, Bitcoin prices began to experience a bullish movement. This bullish movement can be attributed to the panic of traditional bankers seeing BTC as a bold alternative as major banks continue to collapse.

BTC Could Be Warming Up For Another Rally

The last time a similar banking crisis occurred in the US in March this year, Bitcoin reacted positively to the news and tapped $30,000 for the first time in nine months. And according to Bitcoin’s latest price action, the asset seems to be affirming expected price action based on past price action exposure to the banking crisis news. 

Bitcoin (BTC) price chart on TradingView
Bitcoin’s (BTC) price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

In the last 24 hours, Bitcoin has recorded gains in its value, surging 7.5% with a market price of $29,817. Over $30 billion has been added to its market capitalization in the same period. Its trading volume has also surged indicating a buying pressure. 

According to on-chain data provider Santiment, Bitcoin’s social dominance has increased compared to other altcoins in the market. Santiment noted this “happens during market euphoria or (in this case) fear.” The data provider further noted, “Prices can rebound quickly.”

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Bitcoin Price Reclaims $29,800, Driven By These Factors

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Santiment is not the only one that anticipated Bitcoin’s rebound from its previous bearish price action. Popular crypto analyst Michael Van de Poppe stated:

Bitcoin isn’t looking bad on the higher timeframes. Healthy correction, and as long as Bitcoin sustains above $25,300 it’s likely we’ll continue this rally towards $42,000.

 

Bitcoin (BTC) analysis.
Bitcoin (BTC) analysis. | Source: Michael Van de Poppe

According to the analyst, as long as Bitcoin remains above $25,300, which it currently is as the asset trades above $29,000, Bitcoin will enjoy another rally to trade above $40,000.

Featured image from iStock, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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