Bitcoin Breaks 0.618 Retracement for First Time Before Halving, Analyst Says BTC Is Ready for a New Bull Cycle

In a slew of positive analyses, Bitcoin appears primed for further gains in the near term, according to optimistic analysts. Both chart patterns and growing institutional adoption point to the uptrend still having room left.

Ascending Triangle Breakout Building

Trader Ali spots an ascending triangle formation on Bitcoin’s lower timeframe charts. Typically a bullish continuation pattern, this suggests a breakout and rally of 1.6% in the coming days.

He identifies key levels to watch, namely the triangle resistance around $50,200 and support at $50,000. A decisive break above $50,200 could confirm the pattern and open the doors for $51,000 next.

Zooming out to analyze overall market cycles, Ali explains how long-term Bitcoin holders tend to go through various emotional phases. The latest transition from “anxiety” to “belief” predicts more upward momentum before euphoric conditions finalize the bull run.

Strongest Pre-Halving Run Ever

Fellow analyst Jelle highlights how Bitcoin broke above the key 0.618 Fibonacci level this cycle—a first in its history before a halving event. “The strongest start to a new bull cycle, ever,” Jelle said.

With the next halving only 2 months away, he expects this cycle to play out differently than previous ones given the unprecedented bullish momentum. These technical insights match the accelerating institutional adoption apparent in the markets.

Relentless Spot ETF Inflows

Highlighting surging institutional interest is top analyst Michaël van de Poppe. He notes cumulative inflows of $1.5 billion into Spot Bitcoin ETFs over the past 3 days – translating to $500 million daily. As institutions warm up to crypto assets, Poppe expects the Bitcoin bull market to “accelerate” further.

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The analysis by these traders comes as Bitcoin surged from a 24 hour low of $47,867 to a high of $50,300. The largest cryptocurrency surged over 6% before dropping to its current price of $49,985. BTC shows signs of difficulty in maintaining the $50,000 level.

However, given improving sentiment through all market phases, strengthening on-chain fundamentals, and an ultra-bullish chart backdrop, Bitcoin looks positioned to continue its parabolic ascent in the short to medium term. The confluence of signals predicts significantly higher prices over the coming weeks and months.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency