Bitcoin must reach a higher high to confirm uptrend after dip below $58K
If Bitcoin is to maintain its longer-term uptrend, it must avoid breaking down below $56,000, according to a crypto analyst.
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If Bitcoin is to maintain its longer-term uptrend, it must avoid breaking down below $56,000, according to a crypto analyst.
If Bitcoin follows the same pattern as previous election years, August will be nothing crazy, but a breakout may occur within a month or two, according to a crypto analyst.
The inverse head-and-shoulders pattern forming would make sense if Bitcoin doesnt break straight through $67,500, according to a crypto trader.
Bitcoin's price dropped 15% after spot Bitcoin ETFs started trading, but traders aren't so sure that Ether's price will react the same way.
Coinbase institutional research analyst David Han believes there is room for surprise to the upside on this decision.
Bitcoin price has fallen by over 10% after briefly touching its all-time high of $69,000, propelled by investors’ flood of money into BTC Spot Exchange-Traded Funds (ETFs). However, intense volatility surrounding the crypto asset’s price has triggered a rebound to the $68,000 mark, which highlights the return of positive enthusiasm, prompting predictions of a significant rally to an unprecedented height. Key Narrative That Could Send Bitcoin To $240,000 Cryptocurrency analyst and trader Matthew Hyland has shared an optimistic forecast for Bitcoin with the community on the social media platform X. The analyst has identified a key trend that could trigger a bullish rally for BTC to the $240,000 threshold. Related Reading: Crypto Analyst Uses Historical Data To Show When The Bitcoin Price Will Reach $207,000 At first, Hyland noted that over the past two years, Bitcoin has “destroyed several narratives, both positive and negative.” These include one of the ideas that BTC will “never fall below the previous cycle low or reach its peak until after the halving event.” However, Hyland claims that the only narrative left that BTC has not destroyed is the “Diminishing Returns,” as it is still almost 100% effective. Hyland is uncertain of the narrative’s effect but believes that it is the “final boss” since it is the only one still standing. As a result of the trend, the crypto expert has set his price target at $240,000 in the upcoming months. This simply means BTC needs to surpass the aforementioned price in order to be able to demolish the diminishing returns narrative. Hyland claims it makes no difference to him if Bitcoin “reaches the level or not.” Nonetheless, it will be “intriguing” to observe whether it can smash the one trend that remains intact. Another expert known as Crypto Signals seems to agree with Hyland, expressing his pleasure in the analysis. According to Crypto Signals, in the context of Bitcoin, “the idea of diminishing returns is a fascinating one.” Crypto Signals claims that every cycle tends to “produce a declining percentage gain as the market matures.” Due to this, there is a more profound development and broader adoption in the market. Thus, in the constantly changing world of cryptocurrencies, the narrative is worth looking into. Strategic Timeframe For BTC Pre-Halving Rally Rekt Capital, a well-known crypto expert, has pinpointed a timeframe for when and where the Bitcoin Pre-Halving rally will end. According to Rekt Capital, the “pre-halving rally is gradually approaching its end.” Related Reading: Bitcoin Halving Prep: Analyst Outlines Key Points Ahead Of Event Drawing a comparison to 2020’s pre-halving rise, the analyst stated that it occurred two weeks before the event. After that, BTC witnessed a “pre-halving retrace” of about 20%, which was the last it saw before the halving. He further drew a comparison to 2016’s pre-halving surge, which he noted took place “28 days prior to the halving.” Nevertheless, it also experienced “a conservative correction” of over 29% after the rally topped. Rekt Capital has marked the point as the “historic danger zone” that could potentially conclude the pre-halving rally this year, before witnessing a pullback ahead of the event. Featured image from iStock, chart from Tradingview.com
A crypto trader argued that it is easy for crypto market participants to be "convinced sentiment is one way or the other," while claiming that the sentiment is not "that bullish currently."
Analysts say Bitcoin price pullbacks will happen and suggest that traders avoid impulsive trading.
Bitcoin analysts are becoming optimistic about the assets price amid its surge beyond $64,000, with some saying the summer lull is behind us.
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