Here’s Why Bitcoin (BTC) Price May Retest $33k Levels
The post Here’s Why Bitcoin (BTC) Price May Retest $33k Levels appeared first on Coinpedia Fintech News
Cryptocurrency analyst Ret Capital has opened up about Bitcoin’s historical price patterns, focusing on three macro triangles that have consistently shaped its trajectory. The analysis aims to shed light on future developments for the leading cryptocurrency.
The analyst noted that history appears to be repeating itself, with Bitcoin currently experiencing a breakout from the three macro triangles, similar to previous instances. The three macro triangles, as explained by Ret Capital, involve breaking a macro downtrend, leading to the formation of a new macro uptrend.
The analyst spoke about the recent breakout, stating that a new macro uptrend is in the making. Drawing on historical data, Ret Capital pointed out how Bitcoin tends to enter reaccumulation phases after breaking macro downtrends, leading to parabolic price action to new all-time highs post-halving.
The analyst also touched upon the importance of support and resistance levels, particularly when Bitcoin breaks down from descending triangles. These breakdowns can lead to acceleration phases towards bear market bottoms, with subsequent reaccumulation forming a foundation for future bullish movements.
Looking forward, Ret Capital anticipates that Bitcoin may retest the $33,000 level, considering historical reaccumulation patterns. This level is deemed crucial, representing a generational support that has played a pivotal role in Bitcoin’s price history.
He also suggested that a potential pre-halving retracement to $33,000 could present a significant buying opportunity. However, the analyst opens up about the possibility of slight deviations below this level, stressing that any price below $33,000 could be a compelling entry point for investors seeking a discount.
Bitcoin’s price, which had risen above $44,000, is currently undergoing a correction phase. A recent weekly report from CryptoQuant suggests that the rapid surge in Bitcoin’s price has prompted the need for a correction. Despite a slight 10% dip from its recent peak, CryptoQuant remains optimistic, stating that the bear market is over, and Bitcoin has shifted into a bullish phase.
Filed under: Bitcoin - @ December 17, 2023 6:37 am