Crypto Expert Takeaways on Bitcoin Price Show Mixed Signals, but Here’s a New Way to Play BTC ETF Regulations
The post Crypto Expert Takeaways on Bitcoin Price Show Mixed Signals, but Here’s a New Way to Play BTC ETF Regulations appeared on BitcoinEthereumNews.com.
After hitting $38,000 for the first time this year last Friday, Bitcoin has been unable to break through the critical $38k resistance level over the weekend. At the time of writing, Bitcoin is trading at around $37,400, according to CoinMarketCap. What do prominent analysts see on the horizon for the largest cryptocurrency? Renowned analyst CryptoCon, who maintains a large X (Twitter) following of 65k, shared his analysis on Bitcoin reaching an important technical milestone. As CryptoCon told his followers, “For the first time this cycle, #Bitcoin has hit the 3.5 ADR level.” The “ADR” refers to the Average Daily Rate, a technical indicator used to measure the average range of price movement within a single day. These bars help traders gauge the potential volatility of a cryptocurrency over a specific period. It’s a useful tool for assessing potential price swings and setting realistic profit and loss targets. According to CryptoCon, this development means “this is still only the start of a move in the shorter-term.” It also signals that “this is the very beginning of the bigger picture.” CryptoCon went on to compare the current bull cycle to previous ones. As he stated, “the differences between the cycles are shown yet again.” Looking particularly at data from analyst BitTime, “both black cycles saw strength early in the green accumulation year, while our 2 white cycles took into the end of the green year to reach the 3.5.” CryptoCon’s overall assessment, based on historical patterns, is that “in any cycle, it was the start of something, and not the end.” His powerful message to investors is one of confidence rather than concern over Bitcoin’s recent consolidation near $38,000. Another crypto analyst CrediBULL, who shares insights with over 350,000 X followers, also weighed in on Bitcoin’s price action over the weekend. As…
Filed under: News - @ November 27, 2023 3:26 pm