As a researcher with a background in cryptocurrency analysis, I find Mati Greenspan’s perspective on Bitcoin price watchers intriguing. While many analysts are focused on the day-to-day price movements of Bitcoin, Greensan argues that until we get closer to the all-time high again, analyzing charts will be futile.
Bitcoin (BTC) price observers are meticulously examining charts from end to end. However, according to one market analyst, it may be unnecessary until Bitcoin approaches its record-high value once more.
“The real action happens during market breakouts. Until we experience one, studying charts won’t yield significant results.”
There’s currently a significant amount of chatter from cryptocurrency traders and pundits sharing their market insights.
From my perspective as a researcher analyzing the data presented in the chart, I’ve noticed that there exists a considerable spread between the $50,000 and $70,000 thresholds. Events occurring within this range hold comparatively lesser significance.
Bitcoin is trading at the upper end of that range at around $65,585, according to CoinMarketCap.
Another 6.7% jump will take it to $70,000 — an event several analysts believe is on the horizon.
In a recent post on the X platform, the anonymous cryptocurrency trader Yoddha expressed his belief that the current price range is likely forming a bullish continuation pattern for Bitcoin. If this pattern is indeed confirmed with a breakout, it would propel Bitcoin to a new all-time high.
I. Two months have passed since Bitcoin reached its peak price of $73,797 on March 14, as per the latest prediction.
Over the past week, traders have noticed a bullish signal emerging in Bitcoin‘s price trend. This indicator, known as an inverse head-and-shoulders pattern, suggests that the downtrend is weakening and buyers are regaining control of the market. Some traders believe this pattern could indicate a forthcoming breakout.
“According to the analysis shared by the anonymous crypto trader Steph Is Crypto on May 15, Bitcoin is presently shattering the inverted head-and-shoulders chart formation that was previously discussed. The projected price based on this technical pattern is around $75,200.”
Based on the chart analysis, it seems that the price of cryptocurrency might form a new lower high around 62-63k before potentially bouncing back up again. This is just an educated guess from trader Crypto Nova.
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2024-05-17 09:17