Bitcoin Enters Critical Phase: Analyst Foresees Further Uptrend if This Key BTC Price Level Holds
Bitcoin has entered a decisive phase, according to crypto analyst Sjuul of AltCryptoGems. Currently, Bitcoin contends with key resistance levels, signaling a potential uptrend. Sjuul advises close attention to the cryptocurrency’s movements, particularly in this post-halving period known for profitability.
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Bitcoin (BTC) Price Analysis
As the weekly chart reveals, Bitcoin is maintaining its parabolic trajectory from last year, recently surpassing the last cycle’s all-time high (ATH). “Our bias is obviously bullish!” Sjuul exclaims, highlighting the regained strength of Bitcoin’s market value.
Moreover, Sjuul discusses the potential entry points for investors, pointing to the EMA200 trends across different timeframes.
For short-term strategies, the 30-minute EMA200 serves as a crucial indicator. However, should this lower timeframe (LTF) trend fail, a deeper pullback might occur. Consequently, Sjuul shifts focus to the 4-hour EMA200, a reliable metric of Bitcoin’s strength, suggesting it as an optimal long-term buy area.
BTC Price Predictions
Bitcoin’s recent price stands at $69,405.10, marking a slight decline over the past day but an overall increase of 5.42% over the week, per CoinGecko data. Additionally, insights from Captain Altcoin’s report highlight analyst Cryptocon’s predictions.
Previously, it was reported that Bitcoin could reach a ‘layer 7’ price target of $149,000 by the end of 2024, based on Log Regression Curves. A more conservative estimate places it at $108,000, referencing the 2013 cycle top.
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Show more +These analyses underline a critical time for Bitcoin investors. The emphasis is on the strength of current levels to determine the viability of bullish predictions. Maintaining vigilance on these trends will be essential for those looking to capitalize on Bitcoin’s potential upticks.
Read also: Shiba Inu (SHIB) Gears Up for Massive 500% Pump to Key Level as Bull Flag Pattern Breaks Out
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