Bitcoin Price Rebounds Following Legal Victory for Tornado Cash

Bitcoin’s Recovery Amid Legal Success

After a brief dip near $90,000, Bitcoin’s price surged on Wednesday, marking the end of a two-day decline. This rally was triggered by a significant legal win for Tornado Cash, a cryptocurrency mixer, as a court ruled against sanctions on its smart contract. Support from major players like Coinbase added to the positive sentiment.

Legal Clarity and Regulatory Hope for Crypto Industry

The court verdict indicates progress towards legal clarity for the crypto industry in the US, raising hopes for a more favorable stance from the Trump administration. This favorable legal environment could pave the way for smoother operations and increased adoption of digital assets.

Predictions for Bitcoin’s Future Growth

Crypto analysts maintain a bullish outlook on Bitcoin’s trajectory, with Charles Hoskinson, the founder of Cardano, predicting a price target of $250,000 to $500,000 within the next 12 to 24 months. With companies like MicroStrategy and El Salvador already investing in Bitcoin, the digital currency’s market cap could soar to surpass major industry giants like NVIDIA and Microsoft.

Technical Analysis: Bullish Signs for Bitcoin

Technical analysis points to a cup and handle formation on the BTC chart, hinting at a potential surge to $122,000. Additionally, the golden cross pattern formed by the 200-day and 50-day moving averages suggests a strong upward momentum for Bitcoin. However, a drop below $49,523 could invalidate the bullish scenario.