Future

Candle

Bitcoin

Rekt

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/altcoin/bitcoins-price-consolidation-continues-amidst-altcoin-volatility-analyst-predicts-future-moves/">Bitcoin’s Price Consolidation Continues Amidst Altcoin Volatility: Analyst Predicts Future Moves</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Since mid-July, the crypto market has been quite calm and not very active. Some altcoins surged earlier, driven by positive sentiment after the SEC vs XRP decision. Meanwhile, Bitcoin stayed stable and even dropped from its peak in June. 
Rekt Capital mentioned that BTC hasn’t hit the needed resistance to break the Higher High. The RSI also hasn’t overcome its downtrend to invalidate the Weekly Bearish Divergence. BTC being back at $30,000 is good, but there’s no clear trend shift yet. 
He added that in this third phase of the Four Year Cycle, BTC has gone up by +100%. Though this increase is smaller compared to past trends, we should consider diminishing returns. Still, there’s potential for some extra gains this year, though not too high. 
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 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> is not yet at the resistance it needs to break to invalidate the Higher High And the RSI has not yet broken the downtrend it needs to invalidate the Weekly Bearish Divergence Nice to see BTC back at $30,000 but no real trend shift has occurred yet<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://t.co/ZOu5QrSBVc" rel="noopener noreferrer nofollow">pic.twitter.com/ZOu5QrSBVc</a>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1689261994929455104?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 9, 2023</a> 
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He compared Candle 3 to a bottoming point in the BTC Four Year Cycle. Past examples show significant increases – in 2015, there was a +234% rise, and in 2019, a +316% surge. He believes that Candle 3 in 2023 could bring even better gains than expected. 
The analyst added that BTC successfully crossed around $29,250 and reached as high as about $30,200. The focus now shifts to how BTC performs after this upward movement. If it holds above approximately $29,250, that could indicate growing market strength. However, dropping below this level would turn the recent upward spike into a weekly upside wick. 
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 He wrote on Twitter, “#BTC has managed to break past ~$29250 &amp; has upside wicked to ~$30200. Now it’s all about how $BTC behaves after this rally. Stay above ~$29250 &amp; that would be a sign of developing 
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At the time of writing, Bitcoin is exchanging hands at $29,915 and is up by more than one percent.

Bitcoin’s Price Consolidation Continues Amidst Altcoin Volatility: Analyst Predicts Future Moves

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