Bitcoin's Value Might Have Bottomed, Potentially Gearing Up for Significant Rise, Analysts Suggest
Summary:
Bitcoin's value has experienced a downward trend lately, but experts believe it has possibly 'bottomed' between $63,000 and $65,000, according to analysis by MN Capital founder Michael van de Poppe. A slow bullish shift in Bitcoin's local market structure might be underway, with analysts suggesting that should certain patterns persist, Bitcoin’s price could be positioned for significant upward movement, potentially towards or exceeding $100,000. However, this analysis should not be perceived as investment advice as investment involves risk.
The value of Bitcoin (BTC) has been experiencing a downward trend over the past fortnight, leading experts to surmise that the trailblazing digital currency has possibly found its lowest point in the $63,000 to $65,000 range. Sharing his assessment on the X social media platform on June 20, MN Capital founder Michael van de Poppe speculated that Bitcoin may have reached its minimal level, as evidenced by the slight recovery from $64,950 to $66,455 during Europe's trading hours on the same day. His analysis, conveyed to his followers via a chart, highlighted Bitcoin's bounce back from a crucial demand zone marked by the green band stretching from $63,000 to $65,000. Van de Poppe further explicated that the price maintaining above this level would lead to an upward shift. He supported his argument by predicting a looming inversion.
In concurrence with Van de Poppe's analysis, another expert, Jelle, notified that Bitcoin was still in the fray for range lows around the key support level of $65,000, with the market structure being moulded for the better. He also foretold a gradual bullish shift in Bitcoin's local market structure and pinned the confirmation of strength on the reinstatement of $66,000.
Observations from Cointelegraph Markets Pro and TradingView indicate a sequence of higher lows on Bitcoin's daily chart, ensuring it remains above the climbing trendline. The defense against any drop in Bitcoin's price will require the bulls to secure this level. The emergence of a doji candlestick on the daily chart underscores the $65,000 level's significance for both the buyers and sellers.
Contrarily, a downturn in the battle may cause the bulls to retreat to the 200-day exponential moving average (EMA) priced at $64,300, which is apparently Bitcoin's last defense. Data from IntoTheBlock mirrored this significance by revealing Bitcoin's substantial support influx at the 200-day EMA and the $65,000 psychological level. The price range is within $64,018 and $65,975, where about 1.07 million BTC were previously secured by nearly 1.75 million addresses. This influx of demand could push Bitcoin’s value past the resistance offered by the 100-day and 50-day EMAs at $66,699 and $67,000 is equivalent and initiate a price discovery phase.
Renowned analyst Moustache considered this possibility as the last time Bitcoin's price could be below $70,000. He stated that Bitcoin was harboring a reversed head-and-shoulders blueprint on the daily timescale, becoming increasingly plausible. This pattern signals a possible shift and is characterized by an "inverted" head with shoulders beneath the neckline. Should the pattern persist, it may catapult Bitcoin’s price toward the next crucial level of $72,000 before potentially exceeding its current all-time high price of $73,835, and eventually even vying for $100,000 as per Jelle’s predictions. Presuming this occurs, it would mark an approximately 55% surge from the current price according to CoinMarketCap data.
Please note that this article should not be perceived as investment advice or recommendations. Every investment involves risk, and one should perform their own research before taking any decision.
Published At
6/20/2024 8:52:52 PM
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