As negative sentiment continues to weigh heavily on the market, BitcoinPopular crypto analyst and enthusiast Stockmoney Lizards has weighed in on this pessimistic outlook, offering key targets to watch out for in these turbulent times. These proposals aim to restore investor resilience and focus despite the growing uncertainty due to market instability and unfavorable trends.
5 Objective Golden Rules of Bitcoin
Speculation is mounting about Bitcoin’s next price trajectory as the leading crypto asset continues to struggle to reclaim its all-time high of $74,000, which it hit in March this year. However, Stockmoney Lizards has announced that it will subscriber Analysts have forecast a bullish outlook for Bitcoin, suggesting that recent negative price action is necessary for an upward move in the coming months.
Speaking about the negative sentiment around Bitcoin, the analyst pointed out five golden rules that investors should consider, which he believes are the most objective in determining its next price path. Stockmoney Lizards brought up these five key ideas due to the many misleading and confusing posts from crypto enthusiasts on the X platform (formerly Twitter).
As for the first major target, the crypto expert noted that Bitcoin is currently in a positive zone, indicating an uptrend. Distribution and re-accumulation Pattern. Initially, this phase is characterized by a period of relative stability when prices reach their lowest point and the market reaches its bottom.
Secondly, given the current price action facing resistance at the $60K level, Stockmoney Lizards is anticipating a potential retest of the $50K and $52K range in the coming week. While he expects these levels to be revisited, he emphasized that ultimately, a monthly close above $50K would be bullish.
In addition, he emphasized the possibility of mass liquidation. Bitcoin Bitcoin price drops to $50,000, following last week’s big drop to the same level due to the Japanese stock market crash. However, there is arguably room for further growth, even as most of the liquidity is withdrawn.
Finally, he talked about the influx of negative sentiment on the Bitcoin price, noting that it is quite normal for summer corrections, referring to the bullish sentiment in October last year. He expects Bitcoin to see positive price action by then as October has historically been a bullish month for the largest crypto asset.
BTC Forms Bull Flag Pattern
Bitcoin price may be showing a negative move, but cryptocurrency expert Ella also predicts a bullish rally coming in the next few months, refers to Bull flag formation on Bitcoin (BTC) chart.
It is important to note that the bull flag formation is considered a bullish continuation. pattern This usually follows a significant price spike or recovery. As a result, Ilya, who spotted this pattern on the BTC chart, is confident that the coin will undergo a massive rally in the fourth quarter of this year.
Although the crypto expert is looking for a big rally, he warned investors against prolonged price increases. Unification Between $49,000 and $66,000, especially through the end of the third quarter.
Featured image by iStock, chart by Tradingview.com
Comments are closed, but trackbacks and pingbacks are open.