“Experts predict that Bitcoin will ‘never go below $35k ever again,’ providing reassurance for investors. Learn more about the future of cryptocurrency in simple, understandable language.”
The recent slowdown in Bitcoin’s gains may be only temporary. Trading above the $37,000 mark, the leading decentralized finance asset is showing strong indicators that it will likely never drop below $35,000 again.
Based on valuation models, cryptocurrency analyst PlanB has suggested that unless unforeseen events occur, such as black swans or volatile short-term fluctuations, Bitcoin will continue to grow and never dip below $35,000. This growth is attributed to factors such as the potential approval of the first spot Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC). Moreover, companies like BlackRock are adopting a strategy of acquiring BTC through miners instead of traditional exchanges, potentially contributing to the current surge in hash rate.
As of the latest data on November 28, Bitcoin’s price stands at $37,178, showing a 0.38% increase in the last 24 hours and a 7.99% gain over the past month, while the previous seven days saw a 0.03% loss.
Looking ahead, the possible approval of a Bitcoin ETF and the upcoming halving event could support the analyst’s prediction of Bitcoin never dropping below $35,000, as historical trends suggest significant price increases following halving events.
As with any investment, it’s important to note that the content here should not be considered as financial advice as all investments carry risk.