Titan of Crypto, a famous analyst, shared with his followers on X (formerly Twitter) that Bitcoin’s (BTC) price might be about to make a big move up.
Titan noticed that Bitcoin’s price has been following a certain pattern on charts. This pattern, called a falling wedge, usually indicates the price might go up soon. He also observed another sign that supports this idea. It’s a bit technical, but basically, it shows more people might be buying Bitcoin now.
The Bitcoin price has been falling all of 2024. It seems, though, that this might be about to change. Titan’s analysis shows that Bitcoin has broken through a barrier that was keeping its price down. This could mean the start of an upward move.
After this initial breakthrough, Bitcoin’s price did dip a little. But experts often see this as a normal part of the process. It’s like Bitcoin is testing the waters before potentially making a bigger leap.
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On-Balance Volume Confirms Breakout
Positive signals are also being shown by another significant indicator in addition to the price breakthrough. After being caught in a pattern for seven months, the On-Balance Volume indicator—which shows whether more individuals are buying or selling Bitcoin—broke free. This suggests that more people may be buying Bitcoin, which could drive up the price.
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Bitcoin Price Targets and Key Levels to Watch
The Bitcoin price is moving from its declining trend and entering a much better period. Titan’s analysis suggests potential resistance levels around $48,000 to $50,000. If Bitcoin holds its current position, the overall target could be as high as $70,000 to $75,000. Naturally, the world of cryptocurrencies is devoid of promises.
Furthermore, considering these positive signs regarding the price of Bitcoin and buying activity, there is cause for confidence in the upcoming months. It looks like the world’s most popular cryptocurrency is ready to go through an exciting time.
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