‘Bitcoin’s price can go parabolic and hike by 27% IF these levels…’ – Analyst
The post ‘Bitcoin’s price can go parabolic and hike by 27% IF these levels…’ – Analyst appeared on BitcoinEthereumNews.com.
One analyst believes BTC is positioned to revisit its all-time high Significant buying activity from large investors, other key indicators supported this trend BTC’s recent recovery on the charts has been notable, wiping out previous losses on the charts. In fact, it’s now showing strength across all timeframes, with traders and investors seeing their portfolios turn positive following a 24-hour hike of 3.42%. More growth could be on the horizon though, especially as further analysis seemed to highlight the potential for new ATHs. Is $75,000 coming up next? According to analyst Carl Runefelt’s chart, Bitcoin’s recent gains followed its rebound from a major support level between $52,250.33 and $50,647.52. This level is significant as it coincides with the bottom of the descending channel in which Bitcoin has been trading lately. A descending channel on a price chart typically signals potential upward movement due to greater liquidity driving the asset’s price higher. Source: X According to Runefelt, the convergence of these levels could propel Bitcoin by 27.10%, reaching the upper edge of the descending channel around the $66,000-mark. In another analysis by Runefelt, he observed that Bitcoin also formed a descending resistance line. Breaking this line could lead to significant gains. Runefelt added, “It [BTC] could go parabolic.” Source: X From the levels indicated on his chart, this breakout could push Bitcoin to the next major liquidity zones between $72,000 and $74,000. Or potentially even higher, depending on the market momentum. A spike in whale activity bodes well for BTC AMBCrypto also discovered a notable hike in whale activity, one characterized by significant fund inflows into the market. This can positively affect Bitcoin’s price on the charts. A standout transaction was MicroStrategy’s acquisition of 18,300 BTC between 6 August and 12 September. The firm’s latest transactions brought its total holdings to…
Filed under: News - @ September 15, 2024 5:06 am