As an experienced financial analyst with a background in cryptocurrencies, I find the recent surge in Bitcoin’s price and the potential indicators for further growth intriguing. The positive US inflation data has certainly given traders confidence, pushing Bitcoin past $65,000 and setting sights on $70,000.
As a crypto investor, I’ve witnessed a significant surge in Bitcoin (BTC) over the past 24 hours, with its price leaping by an impressive 7.54%. This upward trend gained momentum as US inflation data came in positive, fueling optimism among traders. Now, we’re closely monitoring two crucial indicators that could potentially push Bitcoin above the $70,000 mark.
A cryptocurrency trader going by the pseudonym Blockchain Mane is keeping a close eye on the Gann Fan theory, a significant analytical tool used in the crypto market to identify trends and cycles, in order to determine if Bitcoin’s bullish trend will continue.
As a researcher studying financial markets, I’ve found Gann fans to be intriguing – they function in a way that resembles both a time and price momentum indicator. By using these tools, we can gain a clearer perspective on market cycles and price movements.
“Regarding the Gan timing, we’re right smack in the middle of the current market cycle, at a crucial turning point. Should the market turn upward, we may witness an uptrend lasting until May with higher prices.”
If we fail to make progress now, it’s likely that the market will trend sideways or downward until May comes to an end.
On the very same day that core inflation reached its lowest point of 3.6% in 2022, a notable figure in the Blockchain community took notice – an observation that could bolster arguments for reducing interest rates.
Blockchain Majesty seeks to transform the previous resistance point of Bitcoin at $63,000 into a new foundation level. This shift is projected as a positive sign, foreshadowing potential price growth.
It’s preferred by some that the market displays “lateral price movements” in this area before additional stories develop, as failing to do so might impede altcoins’ growth potential.
“If BTC pumps here and gets rejected, Alts will probably get hammered as Bitcoin’s dominance continues to rise, Alts are becoming more and more glued to BTC price action.”
As a crypto investor, I’ve noticed an uptick in Bitcoin’s market dominance over the past week. According to TradingView data, Bitcoin’s dominance has increased by 2.23%, reaching a total of 55.99%. This means that a larger percentage of the entire crypto market’s value is represented by Bitcoin compared to other cryptocurrencies.
During this time, the reversed head-and-shoulders chart pattern, which represents a bullish sign suggesting that the downtrend is weakening and buyers are regaining control, is one of the signals indicating that Bitcoin could experience an upturn, according to the anonymous cryptocurrency trader Milkybull, as expressed to his Twitter audience on May 15.
The inverse head-and-shoulders pattern forms as a reversal setup and includes an “inverted” head and shoulders, with the left and right shoulders upside down below the neckline.
As a crypto investor closely following the market trends, I believe that if the current pattern persists, Bitcoin‘s price may surge past its next significant resistance level at around $70,000 before potentially breaching its existing all-time high of $74,580, as suggested by Milkybull Crypto’s analysis.
Based on information from CoinMarketCap, the price has risen by around 12% from its present value of $66,085.
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2024-05-16 05:32