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Bitcoin

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Convergence

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<div class="finbold">
 <p class="paragraph">Bitcoin (BTC) is navigating the post-halving phase, facing resistance below the last all-time high. As the crypto continues to find its footing, a section of the market believes that Bitcoin is in line to embark on a post-halving <a rel="noopener noreferrer nofollow" title="rally" href="https://thebittimes.com/tag/rally.html">rally</a>, an element backed by several analysts.</p>
 <p class="paragraph">For instance, crypto trading expert <em>TradingShot </em>acknowledged in a <em>TradingView</em> post on April 22 that Bitcoin is at a critical juncture, struggling to surpass and sustainably close above its record-high resistance.</p>
 <p class="paragraph">According to the analyst, the pattern has been marked by a period of sideways consolidation, and while it might suggest bearish sentiments, history suggests otherwise.</p>
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 <p class="paragraph"><em>TradingShot’s </em>analysis noted that within Bitcoin’s historical cycles, such periods of consolidation often precede an aggressive non-stop rally, propelling the cryptocurrency to new heights. Therefore, the expert noted that Bitcoin will likely peak at $150,000 to $300,000 if the pattern repeats.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="582" src="https://cdn.thebittimes.com/images/2024/04/23/363defb2dedca2825dcb1ec1dc2266ca.webp" alt class="wp-image-171005" srcset="https://cdn.thebittimes.com/images/2024/04/23/363defb2dedca2825dcb1ec1dc2266ca.webp 1024w, https://cdn.thebittimes.com/images/2024/04/23/363defb2dedca2825dcb1ec1dc2266ca.webp 300w, https://cdn.thebittimes.com/images/2024/04/23/363defb2dedca2825dcb1ec1dc2266ca.webp 768w, https://cdn.thebittimes.com/images/2024/04/23/363defb2dedca2825dcb1ec1dc2266ca.webp 1085w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: TradingView/TradingShot</em>
  </figcaption>
 </figure>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“On any other occasion, that would be a bearish signal, an inability of the market to find enough willing buyers to push it to a new High. But with BTC’s historic cycles this has proved to be just a stepping stone before the most <a rel="noopener noreferrer nofollow" title="aggressive" href="https://thebittimes.com/tag/aggressive.html">aggressive</a> phase, the non<a rel="noopener noreferrer nofollow" title="-stop" href="https://thebittimes.com/tag/stop.html">-stop</a> <a rel="noopener noreferrer nofollow" title="rally" href="https://thebittimes.com/tag/rally.html">rally</a> that drives the Cycle to its peak. (…) We estimate this to take place within the (admittedly) wide range of $150,000 – $300,000, depending on market conditions and relevant global demand from ETFs,” the expert said.&nbsp;</p>
 </blockquote>
 <h2 class="wp-block-heading" id="h-indicators-to-watch-nbsp">Indicators to watch&nbsp;</h2>
 <p class="paragraph">Based on the analysis, the key indicator signaling the potential rally is the three-week Linear Moving Average Convergence Divergence (LMACD).&nbsp;</p>
 <p class="paragraph">The expert noted that the indicator, trading within a channel-down pattern from the outset, tends to reach a critical juncture when it hits the 0.618 Fibonacci channel level. At this point, Bitcoin has historically closed above its record high and embarked on a robust <a rel="noopener noreferrer nofollow" title="rally" href="https://thebittimes.com/tag/rally.html">rally</a>.</p>
 <p class="paragraph">Furthermore, the <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> suggested that the formation of a peak characterizes the final phase of this cycle. This occurs as the LMACD approaches the channel’s upper boundary and reverses, often preceding a bearish cross.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">By press time, Bitcoin was trading at $66,283 with daily gains of almost 0.4%. On the weekly chart, BTC is up 5%.&nbsp;</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/04/23/c36d52072309f1ce9f444ae4e56f7c7f.webp" alt class="wp-image-171007" srcset="https://cdn.thebittimes.com/images/2024/04/23/c36d52072309f1ce9f444ae4e56f7c7f.webp 675w, https://cdn.thebittimes.com/images/2024/04/23/c36d52072309f1ce9f444ae4e56f7c7f.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">Overall, the current Bitcoin price movement shows the cryptocurrency’s resilience after shrugging off the fallout from geopolitical tensions. Indeed, Bitcoin is establishing itself above the $65,000 mark amid a possible cooling down of tensions in the Middle East.</p>
 <p class="paragraph">The $65,000 mark remains pivotal for market participants, as it will play a key role if the analyst’s projections are to be realized.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-s-next-price-target-ahead-of-aggressive-non-stop-rally-tbt86214.html">https://thebittimes.com/bitcoin-s-next-price-target-ahead-of-aggressive-non-stop-rally-tbt86214.html</a></p>

Bitcoin’s next price target ahead of ‘aggressive non-stop rally’

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Alte articole publicate pe 23 apr. 2024

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