As a seasoned crypto investor with a keen eye for market trends and a deep understanding of the dynamics of Bitcoin, I am confident that we are on the precipice of the next upward phase of the bull market. The consolidation period we have experienced over the past few days is to be expected after such a significant move, but it won’t last long.
Bitcoin currently hovers around the price point of $70,000. A period of stability, or consolidation, is ongoing, yet a significant surge is anticipated soon. The cryptocurrency market is on edge, eagerly anticipating the next potential massive price increase.
Next upward phase about to begin
In simple terms, Bitcoin’s significant price increase was followed by a likely pause in its growth. This consolidation could persist for a few more days, and the key indicator to watch is the weekly closing price. If Bitcoin manages to close above $70,000 in a weekly candle, it may signal the beginning of the next bull market phase.
A promising chart
As a crypto investor, I can tell you that the weekly chart of Bitcoin (BTC) presents an encouraging scenario. Currently hovering near the peak of its bull flag formation and aligning with the 0.786 Fibonacci level from the previous 11-week consolidation period, the signs point to a potentially strong upward trend for BTC in the near future.
As a crypto investor, I can’t help but feel optimistic about Bitcoin’s current market setup. After breaking through and holding above the flag’s resistance level, we’ve seen some positive price action. Looking at Fibonacci extension levels, there’s potential for an impressive rise – possibly reaching $84,000. Additionally, the measured move of this bullish flag may even push the price towards an approximate $102,000 mark. Of course, markets can be unpredictable, but these technical indicators suggest a promising future for Bitcoin investors.
As a researcher studying market trends, I’ve noticed an intriguing development with Bitcoin (BTC). The stochastic RSI, a powerful tool for identifying potential price reversals, has been creeping up from the bottom. Furthermore, the indicator lines are on the verge of crossing the significant 20-level threshold. This upcoming crossover could unleash a surge of momentum that propels Bitcoin higher.
US Bitcoin ETFs gobble up many times daily supply
In terms of Bitcoin Exchange-Traded Funds (ETFs), there was a significant inflow of approximately $305.7 million on Tuesday. This translates to around 4,280 Bitcoins being added. Given that roughly 450 new Bitcoins are mined daily, the demand from US-based ETFs is depleting Bitcoin supply at an astonishing pace.
“This is a gift” – Raoul Pal
As a crypto investor, I’m excited about the opportunity we have at hand. Renowned economist and investor Raoul Pal aptly described it as “a gift.” He is addressing fellow retail investors, encouraging us to seize this chance and potentially get ahead of institutional investors in the ongoing macro trend.
Based on extensive research spanning hours, days, and years, Pal holds the conviction that just two assets are experiencing growth: technology and crypto. In today’s uncertain climate, with governments considering debasing their currencies to manage their debts, investing in some crypto could be a prudent move. However, always remember to conduct thorough research before making any investment decisions.
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2024-05-22 14:11