Bitcoin’s run-up to fresh all-time highs of $123K in July was the spark that lit the current crypto boom.
Now, the OG token is back to painting green candles, signaling that its consolidation phase may well be in the rear-view mirror.
And if the current fundamental and technical strength is any indication, it very well could be.
While the language covers crypto broadly, Bitcoin remains the beating heart of the industry and is, therefore, set to be the primary beneficiary.
How high could $BTC climb in its current rally? We turned to some good-old technical analysis for clues.
On the 4-hour chart, $BTC has just blasted through a long-standing downward-sloping trendline with strong momentum and volume.
With the token now deep in uncharted territory – its ATH the only real resistance left – we used the average width of its recent consolidation range to set a target.
This proves that long-term investors remain unfazed by market volatility and are firmly backing Bitcoin’s journey to the moon.
Even though Bitcoin may be poised for an explosive rally from here, the potential returns for new investors aren’t exactly mind-boggling, especially in the short term.
In simple words, it will turbocharge the Bitcoin ecosystem, allowing developers to build smart contracts, launch dApps, and create complex Web3 projects with the same speed and scalability Solana is known for – but backed by Bitcoin’s unmatched security and brand power.
Why’s this game-changing? Because Bitcoin, despite its unprecedented aura as an investment vehicle, is not exactly a big name in blockchain technology like Ethereum or Solana.
These rivals are, in fact, hundreds of times faster than Bitcoin, plus they support cutting-edge Web3 innovations.
Step 1: It all starts with you sending $BTC to a non-custodial, decentralized canonical bridge connecting Bitcoin’s Layer 1 and Hyper’s Layer 2.
Step 2: Then, upon verification by an SVM smart contract, the bridge mints an equivalent amount of wrapepd $BTC tokens on Bitcoin Hyper’s Layer 2.
Step 3: These L2-compatible $BTC tokens can be used to seamlessly interact with Hyper’s Web3 ecosystem, including DeFi trading platforms, NFT marketplaces, lending and staking protocols, DAOs and governance systems, and even next-gen gaming dApps.
Step 4: The final step is the withdrawal back to L1. Once you’re done using Hyper’s Layer 2, simply raise a withdrawal request, and your ‘wrapped’ $BTC will be converted back into Layer 1 $BTC and sent directly to your original wallet address.
Bitcoin is gearing up for another strong rally, one that could push it past $150K and potentially toward the $200K mark by year’s end.
However, kindly note that this article is not financial advice. The crypto market is highly volatile and unpredictable, and you must, therefore, always do your own research before investing.
