Is The Bitcoin Run Over? Analyst Anticipates Further Upside
13 Mai 2024 - 5:30PM
NEWSBTC
In the midst of recent market turbulence and widespread speculation
about the future of Bitcoin, cryptocurrency analyst and trader,
Crypto Jelle has offered an optimistic outlook for BTC, affirming
that the crypto asset’s bull run is far from over, indicating its
potential to rally even further in the upcoming months. The
Strength Of Bitcoin Is Underestimated Crypto Jelle’s analysis
delves into Bitcoin’s current consolidation and the significance of
the level. Following the recently concluded fourth Bitcoin Halving
event, many people expect BTC to display immense price movement on
the upside. However, the coin has not fully lived up to the
expectations of several community members and crypto enthusiasts
due to its present price consolidation. According to the Crypto
Jelle, these people are actually underestimating how strong Bitcoin
has proven to be thus far in this cycle. Jelle pointed out that the
Halving event was only a few weeks ago, and BTC has been
consolidating around the prior cycle’s all-time highs for several
months now, suggesting a noteworthy development in comparison to
past trends. As a result, the analyst believes the Bitcoin bull run
is not over yet, predicting prices to reach a 6-digit level in the
foreseeable future. The post read: People underappreciate the
strength Bitcoin has shown so far this cycle. The halving event
happened mere weeks ago, and yet we’ve been consolidating around
the previous cycle ATHs for months. This run is not over. Bring on
6-figure BTC. Addressing the recent price corrections, Jelle claims
pullbacks in the bull market are essential in order to rid the
markets of enthusiasm and greed. Following weeks of Bitcoin
gradually declining, particularly by 23%, market optimism has
subsided, and it is now seen as audacious to be bullish.
Related Reading: Timing The Breakout: When Will Bitcoin Escape The
Post-Halving Consolidation? Thus, Crypto Jelle underscores that the
potential of this market to surge higher lies within the crypto
community members’ confidence in the market amidst troubling times
like this. The crypto analyst highlighted that Bitcoin is still
trading within a 7-year-old channel. Should this post-Halving
consolidation mirror past trends, the expert is confident that the
best is still to come, predicting a break out from the 7-year-long
channel could send BTC to the $100,000 price level. BTC Price
Action Looking Good Crypto Jelle has also identified some
indicators that show BTC’s price action today is looking good.
Drawing attention to the 100-day Exponential Moving Average (EMA),
Jelle pointed out a bullish MACD cross below the zero line, marking
the first higher low in a longer time. Due to this, Bitcoin’s price
looks promising as it is almost done with its full reset. Related
Reading: Why Bitcoin’s Post-Halving Rally Is Certain, Analyst
Explains Also, looking at the 21-week EMA, the crypto asset has
pulled back into the key support level at $62,408. Jelle, on the
other hand, does not consider this development as one to be worried
about, urging investors to stick to their Bitcoin investment.
Presently, Bitcoin is demonstrating a bullish momentum, rising from
around $60,790 to about $63,100. At the time of writing, BTC has
increased by over 2% in the past day, trading at $62,570. Its
market cap has also risen by 2.41%, while its trading volume is up
by 69% in the last 24 hours. Featured image from iStock, chart from
Tradingview.com
Optimism (COIN:OPUSD)
Historical Stock Chart
Von Aug 2024 bis Sep 2024
Optimism (COIN:OPUSD)
Historical Stock Chart
Von Sep 2023 bis Sep 2024