Exciting Times for Bitcoin Ahead
Amid a positive sentiment triggered by former United States President Donald Trump expressing unwavering support for Bitcoin (BTC) at one of the largest cryptocurrency events, Bitcoin is eyeing to reclaim the $70,000 level, but experts believe it might not stop there.
The possibility of Bitcoin hitting a new all-time high (ATH) in the next few weeks is gaining traction, with experts from the crypto market analytics platform Bitcoinsensus identifying a promising Wyckoff re-accumulation chart pattern. The experts predict an inevitable all-time high in the coming weeks, potentially by mid-September, but caution about a potential pullback before reaching that peak.
Experts are drawing on the Wyckoff pattern, an analysis method by legendary trader Richard Wyckoff, to forecast Bitcoin’s future price movements based on patterns in price and volume data. The pattern includes phases such as accumulation, markup, distribution, and markdown. Additionally, trading analyst Ali Martinez anticipates a continuation of Bitcoin’s uptrend, noting a “sell signal” on the Bitcoin hourly chart.
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