Bitcoin's Next Key Move Before Confirming a New All-Time High
Bitcoin's Price Consolidation and Resistance Levels
Bitcoin (BTC) is still aiming to break past the $60,000 resistance during a period of price consolidation, with investors awaiting signs of a bullish breakout.
Amid current market sentiment, Cycles Fan’s analysis highlighted that Bitcoin might be primed for a new high by the end of the year. However, it must overcome several obstacles to validate this bullish outlook.
Importance of Technical Levels
- The analyst emphasized Bitcoin's interaction with the 50-week moving average (MA).
- Recent price action closely resembles patterns from June and July 2021, which preceded significant rallies.
- To confirm an intermediate-term low, Bitcoin needs to close above the 20-week MA again.
Once a bottom is confirmed, Bitcoin is expected to move higher into November or December, historically strong months for this cryptocurrency.
Potential for a Q4 Bull Run
Cycles Fan’s analysis aligns with views from crypto analyst Stockmoney Lizards, who noted that if historical trends hold, Bitcoin’s summer correction may lead to a robust fourth quarter.
Q4 has traditionally been strong for Bitcoin, suggesting a potential move toward a new all-time high, possibly targeting the $100,000 mark.
As of press time, Bitcoin was trading at $59,890, having made gains of about 1.3% in the last 24 hours.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.