Bullish Bitcoin: Expert Cites $123,832 Target Based On Past Trends
28 Maio 2024 - 11:30AM
NEWSBTC
Amidst positive sentiment surrounding the cryptocurrency market,
well-known crypto analyst and enthusiast Crypto Con has offered a
bullish overview of Bitcoin by identifying historical patterns that
indicate that the price of BTC might rise to $123,832 in the
upcoming months. By analyzing past market behavior and trends, the
expert has discovered crucial indicators that suggest Bitcoin’s
potential to outperform previous highs and reach unprecedented
heights. Most Accurate Bitcoin Price Bands Crypto Con’s
analysis delves into Bitcoin’s current behavior based on its price
bands at several levels, particularly 3 levels, as shown in his
chart. According to the analyst, level 3 is currently one of the
most precise bands for the crypto asset, which is valued at
$91,539. The expert noted that even with consolidation at level
2.5, the repercussions of this development are already becoming
apparent. As a result, the major goal for BTC is reaching the level
3 price band. Related Reading: Bitcoin Price Aims Higher: Bullish
Trend Signals New Peaks Ahead Furthermore, he underscored there has
never been a cycle in which the top band of the cycle is not
precisely touched, which is valued at $123,832, and this is
currently witnessing an increase. Thus, at the conclusion of the
Bitcoin parabola, the cycle top band will have its biggest growth.
A further dive into BTC’s cycle top, Crypto Con has managed to
pinpoint the past 2 accurate cycle tops, by employing basic
indicators. Specifically, the bottom of the first early top (a
yellow dot identified in his chart) in Green Year is when these
patterns start. The lowest points of the trend that have been
retested the most often are used by these patterns. However,
Bitcoin recently reached the cycle’s line at the $74,000 price
level, which is the problem. With BTC reaching a new all-time high
a year ahead of schedule, it has created an unnatural collision
with the trend. Due to this, the expert believes that the line this
cycle based on BTC’s fast price action will not rule this cycle
peak. So far, Crypto Con claims there will be unprecedented price
movement, which will trigger some cycle top measures to break.
However, it is still beneficial to pay attention to past trends in
order to determine BTC’s price action. BTC Poised For 6-Figure
Price Target As Bitcoin continues to display resilience, macro
strategist Henrik Zeberg has also forecasted a 6-figure target for
the digital assets in the coming months. Zeberg claims that
the crypto asset is already preparing to enter an upward trend that
began on May 20. Related Reading: Bitcoin To $100,000: Infamous
Head And Shoulders Pattern Appears To Signal The Start Of Another
Rally As a result, Zeberg anticipates an over 64% increase by the
third of this year, putting his target between $110,000 and
$115,000. According to the expert, a pattern of highs and lows will
serve as a catalyst for the aforementioned price levels. Featured
image from iStock, chart from Tradingview.com
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