As a seasoned researcher with extensive experience in the crypto market, I find Thescalpingpro’s analysis of Bitcoin’s recent price action and potential future trajectories to be insightful and well-reasoned. The extended period of consolidation between $33,000 and $66,000 has been a common theme in the crypto market over the past few months, and the breakdown below this range could indeed signal the start of a new trend.
Crypto expert Thescalpingpro has identified a pivotal moment for Bitcoin (BTC) as it prepares to conclude another weekly cycle. In a recent post, Thescalpingpro pointed out that Bitcoin has breached a crucial price range following over four months of price stabilization. This development could potentially bring about substantial shifts in the Bitcoin market.
I’ve observed Bitcoin’s price moving between the ranges of $33,000 and $66,000 for approximately four months now. Recently, this prolonged period of sideways action has shifted, potentially indicating the initiation of a new trend with this breakdown.
The significant weekly closure for Bitcoin holds importance as the price has dipped beneath the boundary following a prolonged period of 125 days of restrained trading.
— Mags (@thescalpingpro) July 7, 2024
As an analyst, I present two plausible alternatives for Bitcoin’s price trend in the coming days. In a favorable situation, if Bitcoin successfully regains the $60,000 mark before the week concludes, it could overturn the recent decline and possibly propel further up to $70,000.
In contrast, if Bitcoin ends the week with a price lower than $60,000, there’s a possibility for a decline towards the prior mid-range level of approximately $44,233.
The importance of the $60,000 mark cannot be overstated in the current cryptocurrency market scenario. According to Thescalpingpro, although the prevailing market mood is slightly bearish due to Bitcoin’s trading below this price point, retaking $60,000 could swiftly reverse sentiment and lead to a significant price surge.
In simple terms, this analysis is consistent with other market indications. For example, analyst Ali Martinez has expressed that Bitcoin must regain and sustain a position above $61,000 in order for its bullish momentum to continue.
Currently, Bitcoin doesn’t have strong backing. The major resistance lies around $47,000, meaning a bull market revival requires closing and maintaining a position above $61,000.
— Ali (@ali_charts) July 5, 2024
As a crypto investor, I’m observing that Bitcoin is currently priced at $56,825 on my screen. Unfortunately, it couldn’t hold its ground above the $57,000 mark, resulting in a price drop. The weekly closing trend will be crucial in deciding whether Bitcoin can bounce back or if we should brace for more corrections towards lower prices.
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2024-07-07 18:44