As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market swings and price movements. The latest bullish sentiment surrounding Bitcoin has certainly piqued my interest once again. According to the analysis by Arthur Signals, we could be on the cusp of a major price surge as Bitcoin enters its final Wave 5.
Bitcoin kicked off the new week by advancing, indicating a resurgence of optimistic feelings among cryptocurrency investors. This optimism has been fueling the price surge, with $70,000 serving as the primary objective moving forward. As per one market observer, this rebound could mark the beginning of Wave 5 – the final wave – which might push the Bitcoin price back toward its all-time high.
Analyst Says Bitcoin Price Could Hit $72,000
In a recent post on TradingView, cryptocurrency analyst Arthur Signals provided an intriguing perspective on Bitcoin’s price action. According to his analysis, Bitcoin has entered the final stage of Wave 5 in its current market cycle. The analysis delves into Bitcoin’s behavior throughout July, specifically pinpointing the initiation of Wave 1 when the price spiked above its previous lows below $54,000.
Moving forward in the analysis, following the descent from a peak at $60,000, there was a subsequent pullback in Wave 2 to around $56,000. In response, Wave 3 emerged, pushing the price above $65,000. Later, we observed a correction in Wave 4, which resulted in a decline to approximately $63,000 over the weekend.
In simpler terms, among the five waves in the current trend, Wave 5 is the most optimistic one. This last wave is predicted by crypto analysts to eventually propel Bitcoin’s price above $70,000 and continue climbing towards its former peak of $73,000.
To fully validate the current upward trend for Bitcoin’s price, it is necessary for the cryptocurrency to surpass its previous record high of $68,275, set on Sunday. Subsequently, if Bitcoin manages to achieve a new peak following this milestone, the predicted target for its price would be around $72,000 according to crypto analysts’ assessments.
World Events That Could Send The BTC Price Flying
The Bitcoin chart shows a optimistic pattern with its wave formations, which is favorable for price increase. Additionally, there are other positive factors influencing the price, such as recent political developments. For instance, on Sunday, President Joe Biden declared his withdrawal from the Democratic Party nomination in favor of Vice President Kamala Harris to take his place in the presidential race.
The market’s sentiment towards this development has been optimistic so far, with investors anticipating a Trump victory in the upcoming election. According to Arthur Signals in a recent post, Biden’s unexpected announcement has actually fueled Bitcoin’s bullish trend, as the market gains renewed confidence in a Republican win.
Should Trump win the election in November, this outcome could bring good news for the crypto sector. Trump’s expressed support for Bitcoin and potential plans to use it for financial transactions have fueled optimism within the community. Furthermore, speculation surrounding the possibility of Larry Fink, CEO of BlackRock, being appointed as Treasury Secretary has added to the bullish sentiment towards Bitcoin in 2020.
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2024-07-24 01:34