The post Bitcoin Approaches All-Time High as Market Indicators Suggest Potential Bull Trend Shift appeared on BitcoinEthereumNews.com.

Bitcoin is on the brink of a remarkable rally, approaching $73,800 while several key indicators suggest a potent bull market resurgence. The cryptocurrency’s recent performance contrasts with previous fluctuations, as substantial bullish fundamentals emerge, indicating new potential highs. As noted by prominent trader Peter Brandt, “The series of lower highs and lower lows since March has come to an end,” signaling a pivotal trend shift in Bitcoin’s price movement. Bitcoin approaches an all-time high with $3.8 billion inflows to ETFs in two weeks, suggesting a strong bull market as indicators align. Bitcoin Surges Towards New All-Time Highs Amid Burgeoning Bullish Trends As Bitcoin’s price rallies near the all-time high of $73,800, crucial indicators suggest that the digital asset is entering a robust bull market phase. Bitcoin has officially exited a seven-month downtrend, creating positive sentiment among traders who are now adjusting their positions for potential targets ranging from $85,000 to $160,000. Veteran trader Peter Brandt emphasized the completion of a 5-month inverted expanding triangle, which often precedes significant market movements. This technical formation could indicate that the cryptocurrency market is gearing up for its next major advancement. Clearing Sell Walls and Liquidating Short Traders Recent market activity has seen Bitcoin break through substantial sell walls in the $65,000 to $71,000 range. This development liquidated numerous short positions, which underscores the strength of the current rally. Traders were caught off guard as Bitcoin surged past $68,000, effectively dismantling bearish expectations and pushing the price upward. The clear breakout suggests that confidence is returning to the market, driving both retail and institutional investors to adjust their strategies accordingly. Bitcoin’s Dominance Reaches 60% for the First Time Since March 2021 On October 29, Bitcoin dominance climbed to 60%, marking a significant milestone as it hadn’t achieved this level since March 2021. This resurgence…

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Filed under: News - @ October 29, 2024 11:25 pm