‘Does Bitcoin become this God Candle event in 2024? It could, IF…’

Institutional adoption of Bitcoin might possibly lead to a ‘God Candle’ event
Expert believes that while probable, a consistent upward trend over several months is more likely

As 2024 unfolds, the cryptocurrency sector is seeing a significant shift towards the institutional adoption of Bitcoin (BTC). In fact, analysts anticipate this trend to accelerate soon too. The entry of reputable asset management firms like BlackRock and Fidelity into the crypto-space during the bear market underlined their belief in Bitcoin’s long-term potential.

The increasing involvement of major financial institutions and the approval of spot Bitcoin exchange-traded funds (ETF) in the United States have been pivotal factors as well.

Expecting a ‘God Candle?’

Amidst these developments, traders and analysts are expecting a major surge in the value of Bitcoin. Especially since this is a halving year for the cryptocurrency. Historical precedents play a role in having such expectations too. Such as Bitcoin’s price appreciation after Tesla’s $1.5 billion investment announcement.

The concept of a ‘God Candle’ in trading refers to a massive, sudden price surge on a trading chart, typically driven by a significant market developments or news. This was the topic of a recent discussion between Scott Melker and James Lavish, a former hedge fund manager. When asked about the possibility of a Bitcoin God Candle in 2024, Lavish said,

“Does Bitcoin become this god candle event? It could, if liquidity dries up, you could have this massive candle. But, it’s more of a consistent set of candles upwards over the period of next few months that will really drive this price higher.”

The potential for such a dramatic price increase in Bitcoin is supported by trends and market dynamics. The introduction of a spot Bitcoin ETF is especially making Bitcoin more accessible to a wider range of investors, potentially increa

Go to Source to See Full Article
Author: Prakriti Chanda

Did you like this?
Tip BTC Newswire with Cryptocurrency