Bitcoin is in a holding pattern right now. After a wild ride of ups and downs, things have calmed down a bit. This is pretty common before big market changes. Historically, Bitcoin tends to gain momentum during these quiet periods, setting the stage for a possible explosion in price.
One analyst, TechDev, sees some interesting similarities between Bitcoin’s current situation and the Nasdaq’s performance in 2014. Back then, the Nasdaq was trading around $12 before going on a huge bull run that eventually reached its current levels near $70. TechDev thinks Bitcoin could be on the verge of a similar climb, potentially reaching $120,000.
The comparison between Bitcoin and the Nasdaq is pretty compelling. Both charts show similar market structures and sentiment. While some traders are still worried about potential dips, TechDev’s analysis paints a more optimistic picture.
If Bitcoin follows the Nasdaq’s path, we could see a major upward trend in the coming months. This could mean new all-time highs for Bitcoin, even with the current market uncertainty.
Bitcoin’s Price Action
Right now, Bitcoin is trading above its daily 200 moving average (MA), a key indicator of trend continuation. This is a good sign for Bitcoin bulls. However, there’s still a chance Bitcoin could dip to around $61,300. This might be necessary to gather momentum for the next upward move, but losing the 1D 200 MA would be a bad sign.
The bottom line is that Bitcoin needs to stay above the 1D 200 MA to maintain its bullish outlook. /p>
