Crypto analyst Miles Deutscher, known as Crypto Banter on YouTube, in a recent post, said the world’s largest cryptocurrency is tittering on the edge of a potential bull run or a much worse bear fall. According to the analyst, Bitcoin’s price actions in the next few days will determine the trend the token will follow.
Notably, the analyst said the current bear market is the longest ever since. Since its start, the bear decline has stretched a cumulative 490 days, making it one of the worst ever seen. While Bitcoin has held itself against the selloff pressures, the token gave in this August, becoming a catalyst for a wider market selloff.
According to Crypto Banter, chart analysis shows that a low of $16k price is still possible. However, if the crypto can hold its $24,000 key support level, then that possibility is reduced.
Despite the recent selloffs, the analyst emphasized Bitcoin’s growing global adoption. He mentioned that the fast transactions and low fees are some of the things that have made Bitcoin’s lighting network attractive.
Furthermore, the analyst says a Bitcoin ETF approval in the U.S. could bolster the token’s performance. Several ETF reviews are slated to happen in the first week of September, which the analyst says could be delayed till next year.
He also mentioned the growing institutional interest in Bitcoin as proof of its global adoption. BlackRock is currently the majority shareholder in four of the world’s five largest Bitcoin mining companies. The company has major stakes in Riot, Marathon Digital Holdings, Cipher Mining, and TeraWulf.
However, Crypto Banter added that an uptick in the token’s price doesn’t signal an end to the prolonged bear market. Data from CoinMarketCap reveal that Bitcoin is currently changing hands at $25,952. The price is a 0.40% decline in the past 24 hours and 0.10% in the past week. Since the start of the month, the token has shed over 10% of its price.