Despite the recent volatility in the cryptocurrency market in general, Bitcointhe major digital asset is showing signs of an imminent significant rally, possibly to a new peak, indicating a potential positive shift in price action to the upside.
A massive Bitcoin race is beginning to unfold
Bitcoin is said to be poised for explosive growth as the cryptocurrency asset approaches a long-awaited pivotal moment that will send Bitcoin to unprecedented heights. Market expert and trader, Aether Nacional It has been identified A positive development that caught the attention of the cryptocurrency community.
According to a market expert, Bitcoin appears to be entering the early phase of a massive bull run, marking an important moment for the cryptocurrency asset. These expectations are consistent with the growing belief that… Bitcoin The pair is preparing for a breakout, as many analysts and investors expect a significant increase in the value of the cryptocurrency.
The expert’s forecasts are based on a number of fundamental indicators and historical price trends supported by Elliott Wave analysis, a key technical analysis that looks for long-term recurring price patterns associated with an ongoing shift in investor sentiment.
Given these indicators and trends, Nacional noted that one can easily determine Bitcoin’s trend using the November 2021 candle as a guide. He also explained that the upper area of the candle is at $61,352, which is currently witnessing a retest, and the lower area is at $56,955.
In another X mailNasyonal also identified an interesting pattern on Bitcoin’s monthly chart. He claims that BTC is in the early stages of a massive uptrend to a level New all-time high Or the peak of the cycle by observing the candles on the monthly chart since 2014.
Nacional noted that since 2014, crypto assets have printed about 32 candlesticks before entering their parabolic phase each cycle. His analysis focuses on the distance between the beginning of each bear market season and the beginning of a major rally.
At the start of the bear season in 2014, it took exactly 32 candlesticks before entering a massive bull phase in 2016, plus the 2018-2020 cycle. Meanwhile, in progress turnBitcoin has also printed 32 candles since the 2022 bear season, indicating that a huge uptrend is on the horizon.
BTC price is facing further downside
The price of Bitcoin continues to face negative pressure, causing it to drop by several numbers, sparking increasing speculation about its price. Short term potential. The cryptocurrency asset has been on a downtrend since it reached the $64,500 level on Monday.
BTC is currently showing a downward movement as the price fell below the $61,000 level. It is believed that this downward trajectory is caused by news that the US government may be looking forward to Selling a large amount of currencieswas originally linked to the Silk Road dark web market after the Supreme Court’s decision on October 7.
Featured image from Unsplash, chart from Tradingview.com
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