Bitcoin’s bullish advance in play if this crucial support level holds

After a market-wide sell-off, the cryptocurrency sector has continued its recovery with a major capital inflow, leading some experts to predict an especially bullish comeback for Bitcoin (BTC). 

Indeed, crypto trading expert Ali Martinez believes that the maiden digital asset could reach $27,000, provided it retains its crucial support level, according to his tweet and chart published on August 8.

As the analyst stressed:

“Data shows Bitcoin is trading above a significant demand zone between $22,720 and $23,390, where 1.36 million addresses bought over 1 million BTC.”

In his words, should this support level hold, it could give Bitcoin “a good chance of advancing toward $27,000 as it faces little to no resistance ahead.”

Bitcoin bull vs. crude oil bear

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Meanwhile, Martinez is not alone in his bullish outlook for the flagship digital asset, as Bloomberg’s senior commodities expert Mike McGlone called it “one of the best-performing assets in history” in his tweet on August 8.

Comparing Bitcoin’s performance to that of crude oil, McGlone highlighted:

“Trends Are Friends – Bitcoin Bull, CrudeOil Bear: That the 2022 high in crude oil was about 15% below the peak from 14 years ago may indicate the headwinds it faces, notably vs. Bitcoin, one of the best-performing assets in history.”

As he explained, Bitcoin is in juxtaposition to crude oil and “well on its way to becoming digital collateral in a world that’s heading in that direction.” 

“Supply-and-demand elasticity are key, and it’s a given that higher prices will reduce crude-oil consumption and increase production. Bitcoin supply is set by code,” he said.

As things stand, Bitcoin is trading at $24,146, which is a 4.76% increase on the day, as well as a gain of 3.90% across the previous seven days, according to CoinMarketCap data retrieved by Finbold.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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