Movement

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/trader-predicts-major-bitcoin-price-movement-next-month/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Trader Predicts Major Bitcoin Price Movement Next Month</a><br></p>
<p style="text-align: justify">In May 2021, a trader who accurately predicted the Bitcoin crash indicated that Bitcoin could initiate a significant price movement next month.</p>
<h2 id="bitcoin-s-technical-outlook">Bitcoin’s Technical Outlook</h2>
<p style="text-align: justify">The analyst, known by the pseudonym Dave the Wave, suggested on social media platform X that Bitcoin could start breaking resistance levels by October 2024. The graph shared by the analyst indicated that Bitcoin was trading in a triangle pattern while consolidating within a broad range.</p>
<blockquote>
 <p>BTC 4th quarter fireworks?</p>
</blockquote>
<p style="text-align: justify">The analyst also mentioned that Bitcoin is likely to trade around $52,000 above recent lows, supported by critical moving average support.</p>
<blockquote>
 <p>BTC one-year moving average coming up fast…</p>
</blockquote>
<h2 id="fibonacci-retracement-level">Fibonacci Retracement Level</h2>
<p style="text-align: justify">Dave the Wave, placing the current multi-month correction in a different perspective, noted that despite Bitcoin falling below $50,000 last month, it only retraced to the 0.236 Fibonacci level. Traders view maintaining this level as support as a strong sign that buyers are stepping in without waiting for lower levels.</p>
<blockquote>
 <p>Correction, consolidation maybe… but hardly a bear market.</p>
</blockquote>
<h2 id="similarities-with-previous-cycle">Similarities with Previous Cycle</h2>
<p style="text-align: justify">In a graph shared earlier this month, the analyst suggested that Bitcoin might be mirroring its previous cycle and appeared ready to break out based on the 2020 cycle’s timeline.</p>
<blockquote>
 <p>BTC.</p>
</blockquote>
<p style="text-align: justify">As of writing, Bitcoin’s value stands at $56,826, showing an increase of over 3% daily.</p>
<p style="text-align: justify">The analyst’s comments provide significant insights into Bitcoin’s <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">future</a> price movements. Maintaining resistance at Fibonacci levels and the support of moving averages are crucial indicators for <a href="https://finance.coin-turk.com/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">investors</a> to watch. Bitcoin’s similarities with previous cycles and holding at specific technical levels could create a positive market sentiment.</p>
<p>The post <a href="https://en.coin-turk.com/trader-predicts-major-bitcoin-price-movement-next-month/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Trader Predicts Major Bitcoin Price Movement Next Month</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Trader Predicts Major Bitcoin Price Movement Next Month

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