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▲ Bitcoin (BTC) / ChatGPT Generated Image
Bitcoin (BTC) is showing a sideways trend around the $72,000 mark. However, an analysis suggests that its current price support is a strong indicator symbolizing a market victory when compared to past bear markets.
According to crypto media outlet U.Today on April 12 (local time), Anthony Scaramucci, founder of SkyBridge Capital, stated via his X (formerly Twitter) that virtual asset investors have no reason to feel negative about the current price level. Scaramucci assessed the current situation, where Bitcoin is trading around $72,000, as a very positive sign. He emphasized, "There's absolutely no reason to feel bad about the $72,000 price," dismissing community anxieties.
Scaramucci recalled a time when fear gripped the market as Bitcoin's price plummeted to around $16,000. Compared to the despair investors felt just a year ago, the current $72,000 is a phenomenal recovery and a result of growth. He advised against getting bogged down by short-term price stagnation and forgetting the value of Bitcoin's more than fourfold return and strong rebound achieved in a short period.
The market's fundamental structure has changed dramatically with the massive inflow of institutional demand through Bitcoin spot ETFs. The participation of large asset managers like BlackRock has elevated Bitcoin to a mainstream financial asset and established the $70,000 mark as a new psychological support level. As long as these structural changes are backed, Bitcoin's long-term upward trend is unlikely to waver.
While volatility still exists in the virtual asset market, Bitcoin's status as a store of value is becoming even more solidified. The upcoming Bitcoin halving is expected to be a powerful catalyst, creating a supply shortage and boosting price increases. Experts assess the current phase as a stage of accumulating energy before a full-fledged bull rally and advise investors to be patient.
The fact that Bitcoin is holding the $72,000 high proves the successful institutional integration of the virtual asset industry. Investors should not be swayed by short-term noise but focus on the new financial paradigm Bitcoin is creating and evaluate asset value from a long-term perspective. A solid demand base and a clear supply schedule are expected to be the most reliable benchmarks for determining Bitcoin's future value.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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