As a seasoned cryptocurrency analyst with extensive experience in the market, I believe that Bitcoin’s recent dip below the $60,000 support level was merely a normal correction within a larger bullish trend. The flagship cryptocurrency has since recovered crucial levels and displayed several bullish signs on its chart.
As a Bitcoin analyst, I’ve observed that at the start of this month, Bitcoin experienced a significant pullback, dipping as low as $56,000. This marked the most pronounced correction within the current cycle, causing concern among crypto investors and market observers. They worried that the bullish trend had come to an end.
After that point, Bitcoin, the leading cryptocurrency in terms of market value, has bounced back to regain significant ground. Analysts have noted optimistic indicators on its price chart, implying that Bitcoin could potentially have emerged from its rough patch.
Is Bitcoin Out Of Danger?
While observing the crypto market’s developments on May 1st, I, as a crypto analyst, noticed striking similarities between Bitcoin’s price behavior after the halving in 2016 and its current performance in 2024. The parallels were not unexpected; Bitcoin was following the “Post-Halving Bitcoin Danger Zone” pattern of 2016.
According to the analyst’s assessment, the “Danger Zone” has now passed for Bitcoin, resulting in a noticeable rebound from the lower support level of the Re-Accumulation Range. May could be an uneventful month for Bitcoin, but it might extend into June. However, the cryptocurrency is approaching its less remarkable months before entering the Parabolic Phase of this cycle.
As a researcher at Rekt Capital, I’ve noticed that Bitcoin’s selling pressure is beginning to ease off slightly around the $60,000 support level. However, for the potential price increase signified by this “curl” to truly develop and lift the price upwards, it’s crucial that Bitcoin maintains its position above this critical support zone.
Analyst Bluntz noted a bullish engulfing pattern emerging on Thursday, implying that “the daily close had been firmly taken over,” signaling to him that “the next surge towards all-time highs (ATH) had commenced.”
This morning, Bluntz verified the emergence of the pattern and informed his audience that we’ve moved on to the second round of this cycle. Consequently, we can anticipate reaching a new all-time high (ATH).
BTC’s Strength Could Lead The Price To 6-Figures
According to CryptoJelle’s optimistic perspective, Bitcoin is showing positive signs. In his assessment, Bitcoin has almost finished its correction process and has returned close to its 100-day Exponential Moving Average (EMA).
The chart indicates a “buying signal” with a “MACD line crossing above the signal line beneath the zero mark,” along with a “recently observed ‘higher low’.” These signs imply a bullish trend reversal or continuation.
I’ve noticed once more how Bitcoin’s price is inching closer to the trendline that previously caused a downtrend during the last few weeks. Despite hitting a higher low, it’s crucial for us investors to retake the $63,000 support level before we can aim for new record-high prices.
He has predicted a new record high of $82,000 for bitcoin’s price, implying that reaching six figures for the leading cryptocurrency could be achievable during this market trend.
As a Bitcoin investor, I’m observing how the price is attempting to break through the resistance trendline that has caused a downtrend in the market over the past few weeks yet again.
Looks like a higher low has been put in, but we still need to break $63,000 convincingly.
Chop city until that happens.
Stick to the plan.
— Jelle (@CryptoJelleNL) May 13, 2024
The analyst highlights Bitcoin’s impressive showing during this market uptrend, noting that its power within the community has been undervalued. He believes that the bull market is far from finished, given that the “Halving” event transpired only recently and Bitcoin’s price has lingered near its previous peak for an extended duration.
On Monday, Bitcoin experienced a significant jump, reaching $63,000. For several days prior, its price had fluctuated between $60,000 and $61,000. Although Bitcoin showed negative short-term price gains, its value increased by 25.7% over the past three months and 76.5% in the last six months.
At the time of writing, BTC is trading at $62,752, a 3% increase in the past 24 hours.
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2024-05-14 04:16