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Bitcoin witnessed a significant rise in price, reaching an all-time high of $75,358 after the announcement of the re-election of former US President Donald Trump, becoming the 47th President of the United States.
So far, the asset’s value has seen a roughly 10% rise in the past day before seeing a slight correction, trading at $74,037 at the time of writing – a roughly 1.1% decline from its peak earlier today.
The significant price increase has sparked widespread discussion within the cryptocurrency community, with prominent analysts offering their insights on what’s next for Bitcoin.
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Is the summit in Bitcoin?
CryptoBullet, a well-known market analyst on X, focused its Bitcoin (BTC.D) dominance indicator around a technical indicator called TD Sequential.
Recently mail On The TD Sequential is a technical analysis tool used to identify potential trend reversals.
According to CryptoBullet, the current cycle shows similarities to previous years, with the second TD-9 signal often representing a major reversal.
He highlighted previous patterns from 2018, 2019 and 2021, suggesting that a similar trend could unfold in 2024, with Bitcoin dominance potentially approaching its peak.
He is #Bitcoin #dominance Finally topping? 🤔$BTC.D It prints the second TD-9 sell on the 2W time frame in this session 👀
IMO this is something worth paying close attention to.
💡 We can see the same pattern repeated over and over again: regardless of the trend #Bitcoin… pic.twitter.com/j7Y3kGaQXJ
– CryptoBullet (@CryptoBullet1) November 6, 2024
More gathering space?
Adding to the conversation, another analyst, Ali, subscriber His view on X, warning market participants. Ali noted that the TD Sequential indicator recently triggered a sell signal on Bitcoin’s four-hour chart, indicating a potential pullback to $72,000.
However, he noted that a sustained close above $75,400 could negate these bearish expectations and possibly push Bitcoin price to a new high at $78,000.
If you’re late to the bull party, be careful: the TD Sequential indicator has just triggered a sell signal #Bitcoin $ Bitcoin On the 4-hour chart, it indicates a possible decline to $72,000.
However, a sustained close above $75,400 would invalidate this bearish setup and lead to a bullish rally to… pic.twitter.com/Ljd8lyPsM4
– Ali (@ali_charts) November 6, 2024
Meanwhile, a CryptoQuant analyst known as MAC.D Wider perspective In the Bitcoin market cycle using the MVRV (Market to Realized Value) ratio.
This on-chain metric measures whether Bitcoin is undervalued or overvalued compared to its historical price levels. According to MAC.D, the MVRV ratio indicates that Bitcoin has not yet reached the “overheating stage,” indicating more upside potential.
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However, as the market matures and capitalization grows, Mack noted that the rate of price increase tends to slow. Addition: “Using this as a trend line, we can expect the market to overheat when the MVRV value is around 3.”
Featured image created with DALL-E, chart from TradingView