Bitcoin has entered a “Boom” phase that could lead to higher prices after surpassing the $48,000 resistance level. According to expert analysis, The largest cryptocurrency by market capitalization has posted seven straight daily gains to reach its highest weekly close since December 2021.
Bitcoin transitioned from the “Get Ready” to the “Boom” stage per the custom market cycle methodology. Trader Tardigrade suggests this phase could propel Bitcoin upwards to $130,000 later this year as momentum builds.
The recent bullish price activity reinforces Bitcoin’s technical strength amid reluctance it can maintain a positive trajectory. Analyst Ali Martinez noted “robust” support levels that could outweigh overhead resistance around the $57,000 mark.
Martinez employed Bitcoin’s run of unspent outputs to reveal the underlying power. The on-chain metric is the value entrusted in BTC wallets and networks, based on consistent investor confidence.
Other experts also see room for additional near-term gains following Bitcoin’s decisive move above $40,000 last week. The prominent threshold recapture signals revived optimism among bulls expecting further advances.However, Bitcoin’s history shows no shortage of volatility. Investors will closely monitor whether fresh highs can be sustained, especially amid turbulent macroeconomic headwinds.
Bitcoin’s stellar 2023 performance to date comes despite last year’s struggles and the meltdown of major crypto entities like FTX. Still, passionate advocates point to BTC’s enduring staying power.
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