Big Bitcoin (BTC) move is coming

As a seasoned crypto investor with over a decade of experience navigating through market cycles, I find myself cautiously optimistic about the current state of Bitcoin. The sideways consolidation has been testing my patience, but I’ve learned that these periods often precede significant moves.


The price of Bitcoin maintains its winding trajectory near the key $58,000 threshold, with neither bulls nor bears showing clear dominance yet. However, a significant turning point is imminent, as the outcome of this battle between these two groups will dictate the direction of the next major Bitcoin trend shift.

The most unlikely scenario for Bitcoin

As a crypto investor, I’ve been navigating this extended phase of sideways movement in Bitcoin that began when it reached its peak price of $73,800 in March. The future trajectory could unfold in three ways: we might witness an extension of this current trend, a sudden drop, or a surprising surge upwards.

In the least expected situation, a breakdown might lead to an uninterrupted decline in Bitcoin’s value, causing the uptrend to falter before its final support level gives way, thereby initiating a prolonged bear market – prematurely.

Could it be that this event is truly imminent? It’s worth noting that the global M2 money supply hit a record high on Monday. This suggests an escalating trend of liquidity, as governments worldwide are printing more currency to extend their debts. However, one might wonder if investors would actually choose to offload their Bitcoin holdings in favor of dollars under these circumstances?

Although the purchase of Spot Bitcoin ETFs continues, there remain challenges for Bitcoin due to factors such as entities like Mt. Gox and the U.S. government, which have the potential to greatly influence its price movement. This suggests that the current trend of sideways movement may persist for some time.

On the other hand, the usual summer slump in stocks and cryptocurrencies appears to be wrapping up. The stock market seems poised to return to record levels once more, while it’s possible that the lengthy and significant correction in Bitcoin might be coming to an end.

Short term $BTC breakout coming

Examining Bitcoin’s short-term price movement, it appears to be moving within a triangle pattern, indicating a potential breakout in either direction could occur soon. If a rebound occurs from the 0.382 level without dipping below the 0.618 level, this would suggest a very optimistic outlook for Bitcoin prices.

Beautiful long term price structure

By examining the weekly graph, it’s clear that several significant price points have emerged. Throughout both the previous and current bull markets, numerous price patterns have been established roughly between $30,000 and $50,000.

As an analyst, I’ve noticed that we previously encountered resistance at the $50,000 mark during the recent Japanese stock market downturn. To move forward, it’s crucial for us to surpass the current level of around $70,000. The solid foundation established over the past few months will serve as a robust base, providing us with a springboard to advance further.

It’s quite possible that a significant increase in the value of Bitcoin is imminent, though the exact timing remains uncertain. It might happen sooner or it could take some time, but the odds seem to favor an upward trend.

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2024-08-21 13:06