Bitcoin

when

Notable

Reversal

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-predicts-potential-trend-reversal-in-bitcoin-monthly-chart/" data-wpel-link="internal">Analyst Predicts Potential Trend Reversal in Bitcoin Monthly Chart</a> 
According to an analyst, the end of August could produce a very interesting monthly candle on the <a href="https://en.coin-turk.com/bitcoin-breaks-48000-market-buzzes-with-activity/" data-wpel-link="internal">Bitcoin</a> chart and signal a potential trend reversal. However, others warn that the month is not over yet and fundamental factors are more likely to have a greater impact on market movements. 
<h2 class="p1" style="text-align: justify" id="notable-development-in-monthly-chart">Notable Development in Monthly Chart</h2> 
In a post published on X on August 26, analyst HODL15Capital stated that this is arguably the most interesting monthly candle in Bitcoin’s history. The analyst referred to the formation of a Japanese candlestick known as a dragonfly doji on the monthly time frame chart. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-383485 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/hodl15capital.jpg" alt="" width="2191" height="1099"> 
A dragonfly doji is a candlestick pattern that can signal a potential price reversal based on past price action. Speaking on the matter, FXPro senior analyst Alex Kuptsikevich said that the dragonfly formation on Bitcoin’s monthly chart reflects optimism about a recovery after the failure at the beginning of the month and added: 
<blockquote> 
 “Potentially, it is a sign of the reversal of the negative trend we saw after the all-time high in March.” 
</blockquote> 
However, he warned that it is important to remember that the month is not over yet and it is not entirely accurate to confirm the formation of a pattern. Kuptsikevich shared the following statements on the matter: 
<blockquote> 
 “We saw the strength of the bulls in Bitcoin when it was bought back sharply after a failure in the weekly time frame at the beginning of the month.” 
</blockquote> 
The analyst said that a second breakout above the all-time high around $74,000 would push the price into uncharted territory, with the potential for rapid growth to the $110,000 level. However, he warned that Bitcoin could also enter a long consolidation before the rise. 
<h2 class="p1" style="text-align: justify" id="details-on-the-matter">Details on the Matter</h2> 
Meanwhile, Apollo Crypto analyst Henrik Andersson was not convinced by the technical signal and argued that fundamentals and sentiment drive the market: 
<blockquote> 
 “The short and medium term will likely be driven by <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rate</a> cuts and election forecasts.” 
</blockquote> 
At the time of writing, Bitcoin price had fallen 1.2% daily to trade at $63,150. According to Tradingview, this caused the dragonfly doji to turn into a hammer candle on the monthly time frame. However, the hammer is also known for bullish reversal patterns that appear at the bottom of downtrends. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-383484 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/btc-5.jpg" alt="" width="1403" height="726"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-predicts-potential-trend-reversal-in-bitcoin-monthly-chart/" data-wpel-link="internal">Analyst Predicts Potential Trend Reversal in Bitcoin Monthly Chart</a></h5>
The post <a href="https://en.coin-turk.com/analyst-predicts-potential-trend-reversal-in-bitcoin-monthly-chart/" data-wpel-link="internal">Analyst Predicts Potential Trend Reversal in Bitcoin Monthly Chart</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Analyst Predicts Potential Trend Reversal in Bitcoin Monthly Chart

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