bullish

Bitcoin

April

Notable

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/analyst-foresees-bitcoin-reaching-six-digit-prices" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analyst Foresees Bitcoin Reaching Six-Digit Prices</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-reacts-to-geopolitical-news-with-significant-price-variations" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s price struggled to maintain its upward momentum despite surpassing $62,000 in August. However, an analyst believes Bitcoin is approaching a potential breakout leading to six-digit prices. Independent technical analyst Gert van Lagen is confident that Bitcoin’s current price movement will have an explosive outcome.</p>
<h2 id="notable-development-in-bitcoin-chart">Notable Development in Bitcoin Chart</h2>
<p style="text-align: justify">In an August 27 post, van Lagen highlighted the formation of a parabolic curve as Bitcoin continues to rise in a step-like pattern. The chart also reveals the formation of a rare Cup and Handle (CnH) pattern on the weekly chart. The pattern has been developing over nearly three years, dating back to October 2021.</p>
<h2 id="will-the-cnh-pattern-lead-to-a-breakout">Will the CnH Pattern Lead to a Breakout?</h2>
<p style="text-align: justify">A successful breakout from a CnH pattern can trigger a parabolic rise, as the model confirms a trend base and higher side consolidation during its development. According to popular analyst Tom Bulkowski, the success rate of a CnH pattern is high at 95%. The first layer of the parabolic curve formed at the market bottom on November 1, 2022. The recovery from $15,460 to $25,290 confirmed the second step, and Bitcoin’s horizontal consolidation between $30,000 and $25,000 from April 2023 to September 2023 led to the third step.</p>
<p style="text-align: justify">Bitcoin experienced its first parabolic rise of 198%, reaching a new all-time high of $73,737 in March 2024. Recently, the BTC/USD chart has shown the formation of the fourth base, the final stage of the parabolic curve, which is also the handle part of the CnH model. As Bitcoin approaches a breakout, the analyst expects its steepest rise or a blow-off top rally, targeting a price above $260,000 by the end of 2024, representing a 312% gain from current prices.</p>
<h2 id="how-will-bitcoin-s-surge-affect-investors">How Will Bitcoin’s Surge Affect Investors?</h2>
<p style="text-align: justify">When Bitcoin’s price surpasses the previous all-time high range above $70,000, it will have several implications for futures investors. Data from Coinglass shows a significant liquidation event at $70,493. Short-term liquidations at this price reached $7.18 billion as of August 27. Additionally, another $6.54 billion in short positions will be liquidated at $72,581, indicating that the futures market remains strongly positioned among both bullish and bearish investors.</p>
<h2 id="actionable-insights">Actionable Insights</h2>
<p style="text-align: justify">– Investors should monitor Bitcoin’s price closely as it nears key resistance levels above $70,000.<br> – Significant liquidation events could create volatility; consider adjusting stop-loss orders accordingly.<br> – The Cup and Handle pattern’s high success rate suggests potential opportunities for strategic long positions.<br> – Current <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market conditions</a> show a strong bullish sentiment, with 57.19% of accounts long.<br> – Be prepared for both upward and downward market movements, maintaining a balanced investment strategy.</p>
<h2 id="conclusion">Conclusion</h2>
<p style="text-align: justify">In summary, Bitcoin’s current technical indicators suggest a potential breakout to six-digit prices. Analysts remain optimistic about Bitcoin’s <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">future</a>, with targets set above $260,000 by the end of 2024. However, investors should remain vigilant and strategically plan for market fluctuations.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/analyst-foresees-bitcoin-reaching-six-digit-prices" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analyst Foresees Bitcoin Reaching Six-Digit Prices</a></h5>

Analyst Foresees Bitcoin Reaching Six-Digit Prices

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