As a seasoned analyst with over two decades of market observation under my belt, I must admit that the current surge in Bitcoin’s price above $70,000 has piqued my interest. The technical indicators suggest a potential breakout from a descending wedge, a pattern often associated with bullish momentum.
Currently, Bitcoin is experiencing rapid growth and surpassing the significant milestone of $70,000. As we speak, it’s inching closer to $72,000, a key barrier that coincides with its highest point from June 2021.
Bitcoin Breaks Above $70,000 And Descending Triangle
As buyers continue their advance, recovering from the losses of the latter half of the previous week and reaching a three-month peak, one expert has also highlighted another significant factor. In a recent post on platform X, this technical analyst pointed out that not only is the price holding steady at present, but the significant surge over the last two days has caused the coin to trade above a falling wedge pattern.
Based on the analyst’s prediction, the coin appears to be positioned within a significant uptrend pattern. This suggests that the period of disappointing lows, predominantly observed in Q3 2024, might be ending as buyers gain control. In other words, the downward trend characterized by lower and lower highs since the price dipped from its all-time high may have reached its conclusion.
Currently, there’s a sense of optimism among buyers. Based on a survey by CoinMarketCap, approximately 70% of respondents believe that the value of the coin will increase further. Given the role hype plays in the cryptocurrency market, this forecast is significant.
Typically, traders often jump into the market when prices increase rapidly, fearing they might miss out on the price surge by setting up leveraged positions on platforms like Binance or Bybit which offer perpetual futures. On the other hand, those who prefer a more cautious approach choose to buy directly from the spot market, understanding that while profits can be made, potential risks are also reduced.
Is The Post-Halving Advance On?
To maintain the upward trajectory, the analyst emphasized the necessity of validating the gains made over the last two days. If this happens, Bitcoin is likely to surge past its previous highs of $72,000 and potentially even $74,000, which were reached in March 2024. Under these circumstances, bullish sentiments could grow stronger as the “post-Halving” rally gains momentum.
Historically speaking, Bitcoin’s halving events have typically been associated with a bullish trend. For instance, after the network reduced miner rewards in 2016 and 2020, Bitcoin experienced growth for several months that followed. This growth culminated in prices reaching $20,000 in 2017 and $70,000 in 2021.
Following the Bitcoin halving in April, traders have eagerly anticipated this event persisting. Now, almost half a year later, the price rebound alongside an increase in mining rate might spark renewed interest, potentially driving Bitcoin into uncharted price territories.
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2024-10-30 09:05