As a seasoned cryptocurrency analyst with over a decade of market experience under my belt, I find myself intrigued by the recent price action of Bitcoin (BTC). The resilience it has shown in the face of bearish predictions and its ability to print new higher highs is nothing short of remarkable.
Over the past seven days, Bitcoin (BTC) saw significant fluctuations, reaching a peak of $66,500 – its highest point in two months – before dipping to $59,500 by Friday’s close. Nevertheless, Bitcoin has regained its upward momentum, touching $64,500 on Monday.
Higher Highs And Bullish Trends
crypto expert Dr. Earnings recently shared an analysis highlighting the latest price trends, pointing out that Bitcoin has managed to achieve a fresh peak – the first such instance since it hit its record high (peak value).
As per the analyst’s perspective, this latest development contradicts the pessimistic viewpoint that had previously predicted Bitcoin would keep falling, based on the theory of successively higher highs and lower lows. Essentially, he stated that this theory has come back to bite them, implying that the recent price fluctuations should serve as a warning for some doubters.
As an analyst, I observed that robust lateral price action often leads to a breakdown of the higher highs/lower lows pattern, especially when crucial moving averages come into play. In other words, during significant periods of sideways market movement, this specific chart pattern tends to lose its strength or reversal potential.
The analyst emphasized that when Bitcoin approached its 50-day moving average at approximately $60,000, it was met with substantial bullish energy, further supporting his belief in Bitcoin’s continued positive trend. Doctor Profit intends to create fresh long positions near the $60,400 level if the market returns to that area in the future.
Regarding immediate goals, Doctor Profit firmly believes that Bitcoin could hit $66,000 in the near future, expressing optimism about its potential. He also highlighted the importance of upcoming economic data, specifically the Producer Price Index (PPI) and Consumer Price Index (CPI) inflation reports, which are due for release on Thursday and Friday respectively.
Bitcoin Consolidation Phase Nearing End?
Enhancing the positive sentiment surrounding the Bitcoin market, analyst TedPillows has suggested that Bitcoin’s ongoing consolidation period might be coming to a close soon, following almost half a year of trading below the $70,000 mark.
He compared previous market cycles and noted that BTC consolidated for 161 days after the 2016 halving and 175 days after the 2020 halving.
Over the past 168 days, Pillows posits that we’re either on the brink of Bitcoin transitioning out of its consolidation phase or it might have already done so. This observation implies that there’s a chance Bitcoin could surpass its previous record high of $73,700, set in March this year, and reach a new all-time peak.
In your writing, currently, Bitcoin, the leading digital currency, is being exchanged at approximately $63,835. It has increased by 2% over the past day and continues to hold a 17% growth for the current month.
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2024-10-08 12:40