Bitcoin has been a hot topic in the world of cryptocurrency, with many traders closely watching its movements. According to a popular crypto analyst, Bitcoin is likely to hold its current levels after briefly dipping into the $59,000 range. The analyst believes that historical precedence suggests Bitcoin will continue trading within a range with a low of $60,000 on the weekly chart before breaking out. The analyst also notes that Bitcoin has not been able to break the re-accumulation range high so early in the post-halving period and has never lost its re-accumulation range low as support in the post-halving period.
Furthermore, the analyst points out that Bitcoin’s current cycle started faster than previous ones but has since slowed down, indicating that a more typical bull run is likely in the future. The rate of acceleration has already dropped from 260 days to 160 days, hinting at a longer bull run as per historical data. Additionally, the analyst suggests that Bitcoin may be forming a downward channel pattern on the weekly chart as it retests the key $60,000 support level. This pattern is worth monitoring as the retrace develops.
As of the time of writing, Bitcoin is trading at $61,898, showing a nearly 4% increase in the last 24 hours. This price movement is significant for traders and investors who are closely following the cryptocurrency market. To stay updated on the latest news and developments in the crypto space, it is recommended to subscribe to email alerts and follow reputable sources on social media platforms like X, Facebook, and Telegram. By staying informed, traders can make well-informed decisions and potentially capitalize on opportunities in the ever-changing cryptocurrency market.
