A cryptocurrency analyst who correctly predicted Bitcoin’s drop below $80,000 is optimistic about its future. They believe Bitcoin’s upward trend will continue as long as it stays above a crucial price point.
Bitcoin’s Bullish Pattern
The analyst, known as Cheds, shared their analysis with over 49,000 YouTube followers. They pointed to a “W pattern” on the four-hour chart – a technical indicator often seen as a sign of a price rebound. Cheds explained that Bitcoin’s price bounced twice from a key support level, forming this pattern. The subsequent price action, including a “throwback” retest, suggests to Cheds that Bitcoin might be ready to break through the $72,000 mark. They also cited positive shifts in the stock market and Bitcoin’s support at the 50-day moving average (MA50) as contributing factors to their bullish outlook.
Key Support Level Crucial for Uptrend
Cheds emphasized that Bitcoin’s price action above a support level between $78,500 and $81,000 is key. They stated that reclaiming the $81,000 level would signal a return to bullish momentum. This would align with the 50-day moving average and suggest that buyers are regaining control of the market, potentially pushing Bitcoin towards the 200-day moving average.
Current Bitcoin Price
At the time of writing, Bitcoin was trading at $85,301.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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