Bitcoin and Crypto Find Relief in Recent Rally
The crypto market has experienced a period of relief in the past few days, following a period of downward and sideways movement since mid-July. This comes as increasing bond yields continue to cause concern in US and European markets. Bitcoin, in particular, has shown promise as it briefly tapped into the 200-week moving average, a pattern that has occurred regularly over the past month.
Potential Breakthrough Predicted
Bitcoin’s momentum indicators on various time frames have crossed to the upside, suggesting a potential successful breakthrough this time. Even on the monthly time frame, there is a possibility of an upward cross, although this won’t be confirmed until October ends. With these indicators in mind, there is potential for positive price action in Bitcoin towards the end of the year. It could rise to touch the top of its upward-sloping channel and reach a price range of $30,000 or more.
A Longer Bull Market Expected
Investors should consider that this bull market may take longer than previous ones. Therefore, there is ample time to position oneself in Bitcoin as it continues to build price structure before making significant upward movements. Chart analyst Steve Courtney from Crypto Crew University believes that Bitcoin is currently in “phase one” of its new bull market. He suggests that Bitcoin could potentially retest its base at around $18,000 and still maintain a healthy price structure. This presents an opportunity for those looking to enter or increase their positions.
Hot Take: Bitcoin’s Rally Signals Positive Future
The recent relief rally in Bitcoin and crypto indicates a positive future for the market. With Bitcoin showing signs of potentially breaking through key resistance levels and momentum indicators pointing upwards, there is hope for further price appreciation. While investors should be prepared for a longer bull market, this presents an opportunity to strategically position themselves in Bitcoin. Chart analyst Steve Courtney’s analysis aligns with the current market sentiment, suggesting that Bitcoin may retest its base and offer a favorable entry point. Overall, the outlook for Bitcoin and crypto remains optimistic.
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