Bitcoin (BTC) Price Fractal Pattern Hints at a Bullish Trend, $100k Possible?
- 王林Original
- 2024-08-09 15:02:11622browse
A recent move in Bitcoin's price involved a quick rise followed by a quick drop, which likely caused some traders to be liquidated. This might signal a bearish trend.
A recent move in Bitcoin's price has seen a quick rise followed by a quick drop, which some traders believe may have caused some liquidations. This could signal a bearish trend, according to some experts.
However, Bitcoin Hyper says his focus is on a particular fractal pattern that suggests a huge price surge in the coming days.
If we examine Bitcoin's price action from 2023, it becomes clear that the cryptocurrency may be a month ahead of its historic trend. But, Bitcoin is already showing signs of a new upward push.
The analyst notes that if this continues, higher price targets could be on the horizon, especially with a significant level sitting just above the current price.
He also points out a pattern, similar to what occurred in 2021 when Bitcoin reached $65,000 before dropping to $30,000, which suggests that after a major sell-off, Bitcoin tends to consolidate before making another move.
If this pattern repeats, we could see some more sideways movement and a slight dip, which could present a good buying opportunity before Bitcoin begins another climb, potentially reaching a new all-time high.
The analysis highlights a key resistance level at $59,400, where several important factors converge. If Bitcoin can break through this level and remain above it, it could pave the way for much higher prices.
He also adds that Bitcoin's 2024 price action appears to be tracking a month ahead of 2023. If this continues, we could see a major rally in September 2024, mirroring what occurred in October 2023.
He notes that in previous years, such as 2016, 2017, and 2020, Bitcoin often retraced to this level, making some investors apprehensive, but the price would eventually rebound, continuing the bull market.
If Bitcoin's weekly candle closes as it currently stands, it could be a very bullish signal, indicating that the bull market is still in play.
Finally, they conclude that if Bitcoin can hold above its current support levels and follow the historical pattern, we might see a significant price rally, potentially pushing Bitcoin towards $100,000.
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