Are We Out Of The Woods? Analyst Bullish On Bitcoin’s 6-Figure Future
May 13 2024 - 9:00PM
NEWSBTC
Bitcoin (BTC) began the month with the deepest retrace of the
cycle, falling to the $56,000 support level. The retrace raised
alarms for some crypto investors and market watchers, who feared
the bull run had ended. Since then, the largest cryptocurrency by
market capitalization has recovered crucial levels, and analysts
have identified bullish patterns on BTC’s chart, suggesting that it
might finally be out of the woods. Related Reading: Analyst Points
Out Level To Beat If Bitcoin Is To Reach $76,000 Is Bitcoin Out Of
Danger? As the May 1st retrace developed, crypto analyst Rekt
Capital highlighted the similarities between Bitcoin’s 2016 and
2024 post-halving performances. He suggested that the flagship
cryptocurrency’s price development came “as no surprise,” as
it was mirroring the “post-Halving Bitcoin Danger Zone” of 2016.
Per the analyst, the “Danger Zone” is officially over, which BTC is
“celebrating with a good bounce from the Re-Accumulation Range Low
support.” He stated that May could be an “unremarkable” month for
the largest cryptocurrency, potentially continuing next month.
However, Bitcoin is “running out of unremarkable months” before the
beginning of this cycle’s “Parabolic Phase.” Additionally, Rekt
Capital considers that BTC’s sell-side momentum is starting to show
signs of slowing down, “slowly developing a curl against the
$60,000 support.” Per the post, Bitcoin must continue to hold this
support zone for the curl to “progress and eventually lift up.”
BTC's curl pattern developing. Source: Rekt Capital Similarly,
analyst Bluntz identified a bullish engulfing pattern on Thursday,
considering there would be “a solid engulfing on the daily close.”
To the analyst, it appeared that the “next push-up into ATH has
started.” This morning, Bluntz confirmed the pattern formation and
announced to his followers that this cycle’s Round 2 began, which
would lead to a “fresh ATH.” BTC’s Strength Could Lead The Price To
6-Figures Following the bullish analysis, CryptoJelle stated that
BTC “is looking good.” Per his post, the cryptocurrency “has nearly
completed a full reset,” as it’s back to the 100-day Exponential
Moving Average (EMA). Additionally, the chart displays a “bullish
MACD cross” below the zero line and the “first higher low in a long
time,” suggesting a positive divergence. Jelle highlights that
BTC’s price is again pushing into the trendline that “has pushed
prices lower over the past weeks.” Despite the higher low, he
points out the necessity of reclaiming the $63,000 support zone
before new highs come. For these new highs, he set an $82,000
target for BTC’s price, suggesting that a 6-figure price for the
flagship cryptocurrency is possible during this cycle. #Bitcoin is
pushing into the trendline that has pushed prices lower over the
past weeks — once again. Looks like a higher low has been put in,
but we still need to break $63,000 convincingly. Chop city until
that happens. Stick to the plan. pic.twitter.com/ClTuv8QmhO — Jelle
(@CryptoJelleNL) May 13, 2024 The analyst emphasizes Bitcoin’s
performance this cycle, stating that the community has
under-appreciated its strength during this bull run. He considers
that the run is not over, as the “Halving” event occurred just a
few weeks ago, and BTC’s price has been consolidating around the
previous cycle’s all-time high for a long period. Related Reading:
XRP To Hit Zero Against BTC? Veteran Trader Cites ‘Pure Classical
Charting’ On Monday, Bitcoin surged to $63,000 after hovering
between $60,000 and $61,000 for the past few days. Despite its
recent performance showing short-term red numbers, BTC’s price
still registered a 25.7% and 76.5% increase in the three-month and
six-month periods, respectively. At the time of writing, BTC is
trading at $62,752, a 3% increase in the past 24 hours. BTCis
performance in the three-day chart. Source BTCUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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