Bitcoin, which is preparing for its future rise
Despite the bearish sentiment around the Bitcoin price with the Fear and Greed Index falling, the crypto analyst believes that the current levels could be the basis for looking for a new ATH in the future. According to TradingShot, BTC is currently going through a consolidation phase that mirrors other historical behavior. Phases of this type usually precede parabolic bull rallies.
According to the analyst, the current consolidation would take away several aspects of previous cycles and gives hope for the best for the world’s first cryptocurrency.
To illustrate his words, the analyst shared a chart on TradingView that tracked the main levels to watch.
Historically, as well as today, the time span between the bottom and top of the cycle has been similar from one cycle to the next. Based on the patterns that have been shared, a parabolic uptrend is expected to begin soon with a new uptrend coming up.
To go further: Bitcoin price predictions for 2024, 2025 and 2030.
$300,000 course ready to go?
For an expert, the price of Bitcoin has entered a bull phase where new highs are higher and higher, but also lows are higher and higher. Based on historical performance, the analyst believes that a potential peak should be between $150,000 and $300,000.
“The top could be anywhere in the $150,000 / $300,000 range for this cycle.” But as this chart shows, it’s important to time it as precisely as possible.
At the time of writing, BTC is down slightly by 1.58% on the day. On a monthly basis, Bitcoin’s backtracking is 10.38% over the past 30 days.
Now the world’s first cryptocurrency is worth $60,880.
To go further: here are the best platforms (including bonus) to buy bitcoins.
Moral of the story: Bitcoin is not the type to settle for less.
Disclaimer
Disclaimer: In accordance with The Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased information, but market conditions may change without notice. Always do your own research and consult with an expert before making any financial decision.