Commencing the week with an impressive surge from just under $69,000 to over $70,500, Bitcoin indicated the possibility of a new upward trend, with investors eagerly awaiting the cryptocurrency’s potential to surpass its historic peak of $73,800.
In a recent analysis, esteemed cryptocurrency expert Ali Martinez analyzed the current situation and predicted a potential decline in Bitcoin, while also identifying a resistance level for a new record high in its price.
“Attention! The TD Sequential is indicating a sell signal on the hourly chart for Bitcoin, which could trigger a correction of one to four candlesticks towards $68,700 or $68,050. However, it’s important to keep an eye on the $69,330 resistance level, as a sustained break above it will propel BTC to higher levels.”
Beware! The TD Sequential is signaling a sell signal on the Bitcoin hourly chart, potentially leading to a correction of one to four candlesticks towards $68,700 or $68,050.
However, be cautious of the $69,330 resistance level, as a sustained break above it will drive Bitcoin to higher levels.
https://t.co/ahEN4CrQX5 pic.twitter.com/JBAi8pBbub
— Ali (@ali_charts) June 3, 2024
The expert observed that Bitcoin seems to be breaking out of a symmetric triangle pattern. Martinez suggested that if the cryptocurrency manages to close above the $69,330 resistance level, it could surge towards $74,400, surpassing its all-time high price.
At the time of writing, the price of Bitcoin was quoted at $69,306.59, registering a 1.3% increase in the last 24 hours.
Expert believes post-halving Bitcoin boom is imminent
In a recent technical analysis, cryptocurrency expert PlanB emphasized the entry of Bitcoin (BTC) into a phase with potential price increases, as historical data has shown a correlation between Bitcoin’s halving events and price surges. In a YouTube video, the analyst provided an update on his stock-to-flow (S2F) model.
PlanB’s model has previously predicted the start of intense bull runs following Bitcoin’s halving events. “It is the first month after the halving and the beginning of a new cycle. So, in my opinion, Bitcoin will boom after the halving, as it did in the last halving cycle in 2020, and in the previous cycle in 2017, and also after the halving in 2012, in 2013. So, I think we will see a rise again, and of course, this is the essence of the stock-to-flow model, but only time will tell.”
Disclaimer: The views and opinions expressed by the author or anyone mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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Expert believes post-halving Bitcoin boom is imminent.