Key Points
- Bitcoin has been struggling to break past the $60K mark, despite indications of a potential bull run.
- Financial advisor Suze Orman emphasizes the importance of Bitcoin ownership, particularly among younger investors.
Bitcoin [BTC] has been grappling with the challenge of surpassing the $60K barrier. Despite a 1.21% gain in the last 24 hours, its price remained at $55,224 at the time of writing.
Suze Orman’s Take on Bitcoin
Renowned financial advisor Suze Orman, host of the “Women & Money” podcast, recently advocated for Bitcoin ownership. In a CNBC Make It interview, Orman underscored the potential role of the next generation of investors in shaping cryptocurrency’s future.
She stated, “Everybody should absolutely have exposure to bitcoin. But in case I’m wrong — and I’ve been wrong — you gotta be OK with losing that money. So put as much money in there as you’re OK losing.”
Bitcoin Ownership Among Younger Generation
While many crypto enthusiasts hold Bitcoin as a store of value or a long-term hedge against inflation, Orman holds a contrasting view. She believes that as younger people accumulate wealth and mature, Bitcoin will become one of their preferred investments.
A recent Triple.A survey lent further support to this sentiment, revealing that over 560 million people worldwide own cryptocurrencies. The survey showed that 34% of cryptocurrency owners were aged between 25 and 34 years old. Furthermore, 65% of the global population expressed interest in using cryptocurrency for payments.
Potential Bullish Momentum for Bitcoin
Despite Bitcoin’s current price decline, several indicators suggest it could be gearing up for a bull run. The widening Bollinger Bands, which signal increased volatility, could potentially drive the price higher.
Even though Bitcoin was near the lower band at the time of writing, indicating a bearish trend, a similar pattern was observed a month ago before BTC surged to $65K. This suggests a possible repeat of the pattern.
Additionally, an analysis of IntoTheBlock data on market sentiment showed that bulls have dominated with 13 bullish signals compared to 12 bearish ones, indicating an overall bullish trend. Therefore, if Bitcoin can break through the resistance level at $59,993, it could signal the start of a bull run.
