Bitcoin Price Forecast: This Week’s Trends And Historical Patterns For Q4
08 Outubro 2024 - 6:30AM
NEWSBTC
Last week, Bitcoin (BTC) experienced considerable volatility,
climbing to a two-month high of $66,500 before falling back to a
low of $59,500 at the end of the week. However, the leading
cryptocurrency has resumed its upward trajectory, hitting $64,500
on Monday. Higher Highs And Bullish Trends Crypto analyst
Doctor Profit recently released a report commenting on the recent
price movements, noting that Bitcoin has successfully printed a new
higher high for the first time since reaching its all-time high
(ATH). According to the analyst, this development challenges
the bearish narrative that had suggested Bitcoin would continue to
decline, based on a theory of higher highs and lower lows. “Their
own theory has given them a slap right in the face,” he remarked,
suggesting that the recent price action should serve as a wake-up
call for some skeptics. Related Reading: FET Gears Up for Gains:
Bullish Momentum Eyes $1.8 Breakout Doctor Profit also noted that
the higher high/lower low pattern tends to break down during strong
sideways movement, particularly when key moving averages are
involved. The analyst highlighted Bitcoin’s recent retest of
the 50-day moving average (MA50), placed at the $60,000 level met
with strong bullish momentum, reinforcing his view that Bitcoin
remains bullish. Doctor Profit plans to establish new long
positions around the $60,400 level, should the market revisit that
area. In terms of short-term targets, Doctor Profit sees
$66,000 as a clear objective, expressing confidence in the
potential for Bitcoin to reach this level soon. He also noted the
significance of upcoming economic data, with crucial Producer Price
Index (PPI) and Consumer Price Index (CPI) inflation reports
scheduled for release this Thursday and Friday. Bitcoin
Consolidation Phase Nearing End? Adding to the optimistic outlook
for the BTC market, another analyst, TedPillows, recently indicated
that Bitcoin’s current consolidation phase may be nearing its end
after nearly six months of trading below the $70,000 level.
He compared previous market cycles and noted that BTC consolidated
for 161 days after the 2016 halving and 175 days after the 2020
halving. Related Reading: Solana-Based MYRO Next In Line For
$1 Billion? Why A 200% Surge To $0.2 Is Possible With the current
consolidation phase ongoing for 168 days, Pillows suggests that
Bitcoin is either on the verge of exiting this phase or is already
at its conclusion. This analysis hints at the possibility of
Bitcoin achieving a new all-time high above the previous record of
$73,700 reached in March of this year. When writing, the largest
cryptocurrency on the market is trading at $63,835, up 2% in the
last 24 hours and maintaining its 17% gain for the month.
Featured image from DALL-E, chart from TradingView.com
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