Is The Bitcoin Run Over? Analyst Anticipates Further Upside

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As a seasoned crypto investor with a few years of experience under my belt, I share Crypto Jelle’s optimistic outlook for Bitcoin. The recent market turbulence and price corrections may have shaken the confidence of some investors, but I believe that these pullbacks are essential for the bull run to continue.

Amidst the current market chaos and Bitcoin‘s uncertain future, as discussed extensively, cryptocurrency specialist Crypto Jelle presents an upbeat perspective. He believes that Bitcoin’s bull market isn’t close to ending yet, implying significant potential for further growth in the ensuing months.

The Strength Of Bitcoin Is Underestimated

Jelle’s examination of Crypto’s Bitcoin analysis focuses on the current price stability and the implications of this level. After the latest Bitcoin Halving, there were high hopes for significant price increases. However, these expectations have yet to materialize as Bitcoin has remained relatively stable instead of showing the dramatic upward trend anticipated by some in the community and crypto world.

Based on the analysis of Crypto Jelle, it seems that some individuals are underestimating Bitcoin’s resilience during this market cycle. Notably, the Halving event occurred only a few weeks ago, and Bitcoin has been hovering around the previous highs for several months. This pattern is significant as it deviates from past trends. Consequently, Jelle anticipates that the Bitcoin bull market is not yet completed and expects prices to climb to levels with six digits in the near term.

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Bitcoin’s resilience during this market cycle is often underestimated. The recent halving occurred just a few weeks back, but we’ve been hovering near the old all-time highs for several months. This trend isn’t about to end; prepare for Bitcoin prices in the six figures.

According to Jelle’s perspective, price drops in the ongoing bull market are necessary to dampen market excitement and greed. With Bitcoin experiencing a 23% decrease over several weeks, market sentiment has shifted from optimism to caution, making it daring to maintain a bullish stance.

As a researcher studying the cryptocurrency market, I’ve observed that the belief and trust of community members play a significant role in driving its growth, even during challenging economic conditions. Crypto Jelle emphasizes this point.

A crypto analyst pointed out that Bitcoin is currently trading inside a channel established nearly 7 years ago. If historical patterns hold true following the Halving event, this period of consolidation could signal even greater gains. The expert is optimistic and believes that a breakout from this long-standing channel may propel Bitcoin’s price to reach as high as $100,000.

BTC Price Action Looking Good

Expert: Jelle, also known as Crypto Jelle, has noted some positive signs regarding Bitcoin’s price movement today. He specifically mentioned the 100-day Exponential Moving Average (EMA). This indicator has shown a bullish crossover below the zero line, signaling the first higher low in a considerable period. As a result, Bitcoin’s price seems optimistic as it nears completion of its price correction.

Regarding the 21-week moving average, the crypto asset has retreated to its crucial support of $62,408. However, Jelle advises investors not to be alarmed by this trend and encourages them to remain committed to their Bitcoin holdings.

Currently, Bitcoin is showing a robust upward trend, with its price climbing from approximately $60,790 to around $63,100. At this moment, BTC is trading at roughly $62,570, representing a gain of more than 2% in the past day. Furthermore, Bitcoin’s market capitalization has expanded by 2.41%, and its daily trading volume has surged by nearly 70%.

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2024-05-13 18:40