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<p>Bitcoin, the world’s largest cryptocurrency, finds itself in a precarious position as it approaches the weekly closure, threatening to register its fourth consecutive red candle. This rare occurrence has sparked concerns within the crypto community, prompting experts like Sjuul of AltCryptoGems to <a href="https://x.com/AltCryptoGems/status/1784238086387384726" target="_blank" rel="noopener noreferrer nofollow">analyze</a> Bitcoin’s price action on higher timeframes.</p>
<h2 class="wp-block-heading" id="strong-historical-price-patterns-and-current-observations-strong"><strong>Historical Price Patterns and Current Observations</strong></h2>
<p>Over the past three years, Bitcoin’s price trajectory has oscillated within a well-defined range, respecting key levels such as the range high, low, and mid-range as pointed out by Sjuul. After establishing an all-time high in April 2021, Bitcoin endured a prolonged correction, setting the stage for a two-year downtrend.</p>
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="640" src="https://captainaltcoin.com/wp-content/uploads/2024/04/image-1279-1024x640.png" alt="" class="wp-image-483119" style="width: 100%;height:auto" srcset="https://captainaltcoin.com/wp-content/uploads/2024/04/image-1279-1024x640.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1279-300x188.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1279-768x480.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1279-1536x960.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1279-2048x1280.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1279-240x150.png 240w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1279-100x63.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1279-560x350.png 560w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1279-788x492.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-1279.png 680w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>However, in October 2023, Bitcoin’s fortunes took a positive turn as it reclaimed the range and initiated a massive rally. Surmounting mid-range resistance early this year, Bitcoin eventually smashed through its previous all-time high in March, igniting hopes of a sustained bull run.</p>
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<h2 class="wp-block-heading" id="strong-comparisons-to-previous-cycles-strong"><strong>Comparisons to Previous Cycles</strong></h2>
<p>Sjuul draws parallels between Bitcoin’s current price action and the dynamics observed in 2016, just before the historic 2017 bull run. “This is actually very similar to what happened back in 2016 before the 2017 bull run,” he notes. “First, Bitcoin took out the 2013 ATH level, retested the breakout level, and started to rally from there.”</p>
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<p>Yet, the crypto analyst cautions against complacency, emphasizing that trading involves no absolute certainties. “As long as the price holds the breakout level, we are still in retest territory,” Sjuul explains. “Should the price find acceptance below, this whole move could become a very dangerous deviation!”</p>
<p>Bitcoin’s ability to maintain its current levels will be crucial in determining its short-term trajectory. A sustained hold above the breakout level could pave the way for another significant upward movement, akin to the 2017 bull run. Conversely, a breakdown below this critical support could signal a potential reversal, sending shockwaves through the crypto markets.</p>
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<p>The post <a href="https://captainaltcoin.com/bitcoin-price-trajectory-is-a-major-shift-looming-expert-highlights-these-key-btc-trends/" rel="noopener noreferrer nofollow">Bitcoin Price Trajectory: Is a Major Shift Looming? Expert Highlights These Key BTC Trends</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Bitcoin Price Trajectory: Is a Major Shift Looming? Expert Highlights These Key BTC Trends

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