Strength of Bitcoin Underestimated
Despite recent price fluctuations, cryptocurrency analyst Crypto Jelle believes Bitcoin’s bull run is far from over. He argues that Bitcoin’s consolidation around its previous all-time highs indicates its strength and potential for further gains.
Pullbacks Are Normal
Jelle emphasizes that pullbacks are normal in bull markets and help to remove excess enthusiasm. The recent decline in Bitcoin’s price has dampened market sentiment, but Jelle believes this creates an opportunity for those who remain confident in the market.
Technical Indicators Point to Upside
Jelle points to several technical indicators that suggest Bitcoin’s price action is positive. The 100-day EMA shows a bullish MACD cross, indicating a potential for higher prices. Additionally, Bitcoin has pulled back to a key support level at $62,408.
$100,000 Price Target Possible
If Bitcoin’s consolidation follows historical trends, Jelle predicts a breakout from its 7-year-long channel, which could send the price to $100,000.
Current Price Action
At the time of writing, Bitcoin is trading at $62,570, up over 2% in the past day. Its market cap and trading volume have also increased significantly.
