Bitcoin (BTC) has experienced significant declines in recent days, dropping to the $63,000 range today with a sharp decrease over the past 24 hours. However, a technical analysis released on June 21st has identified certain chart formations that suggest a potential bullish path for Bitcoin.
In an analysis published on TradingView by expert TradingShot, Bitcoin’s weekly chart revealed a cup and handle (C&H) pattern that originated at the peak of the previous bull cycle, indicating a bullish signal for the cryptocurrency.
“The 1D MA200 served as the initial support for the current bull cycle during the week of March 6, 2023; it acted as an excellent ‘touch and rebound’ fuse. The 1W MA50 has provided support since the breakout on March 13, 2023, and came closest to the price action during the week of September 11, 2023. What appears to be even more reliable than the aforementioned indicators is the expected percentage increase after reaching the bottom. As you can see, since the bottom of the bear cycle in November 2022, Bitcoin has undergone three stages of expansion, ranging from +91% to +99%. Each subsequent stage was 4% to 5% lower than the previous one,” wrote the analyst.
The analysis suggests that the next target for the Bitcoin price could be in the range of $100,000 to $110,000. “Therefore, assuming the 1D MA200 holds and the Handle is completed, we can anticipate the next phase of expansion to reach the target zone of $100K to $110K.”
According to cryptocurrency analyst Ali Martinez, Bitcoin is currently in a strong downtrend. Martinez analyzed the latest movements of the largest cryptocurrency in the market and revealed when BTC’s next peak will occur. He stated that Bitcoin dropped below the +0.5σ MVRV price range at $67,890, which could trigger a correction towards the mid-range price at $54,930. Additionally, Martinez highlighted a prediction for Bitcoin’s next peak, stating, “If this Bitcoin market cycle follows the pattern of the previous three cycles, the peak could occur around December 2024 or October 2025!”
At the time of publication, the Bitcoin price was quoted at $63,772.20, representing a 3.4% decrease in the past 24 hours.
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 any other form of advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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