Bitcoin Bulls Persists: Analyst Identifies Trend As Catalyst To $60,000
2024年2月20日 - 3:00AM
NEWSBTC
As the entire cryptocurrency market is currently experiencing a
notable upward trajectory, several market analysts are anticipating
more gains for Bitcoin, the leading cryptocurrency asset, as they
predict the token’s price to go even higher. Historical Trend That
Will Send Bitcoin To $60,000 Crypto Jelle, a cryptocurrency
analyst and investor, has expressed his optimism toward Bitcoin’s
price action. Jelle recently shared a positive prediction for BTC
in the near future on the social media platform X (formerly
Twitter). Related Reading: Crypto Analyst Says Bitcoin At $100,000
Not Far Off, Here’s When The expert’s projections delve into the
present price movement of Bitcoin and its potential to increase
even further. He highlighted a trend which serves as a catalyst for
a price increase. Jelle’s X post was accompanied by a chart that
shows that the crypto asset has formed a “Bullish Megaphone”
pattern. According to him, this is “yet another bullish megaphone
pattern,” suggesting the price will go higher, putting his price
target at $60,000. If Bitcoin manages to maintain its current
momentum amid the crypto market’s rally, it is possible that BTC’s
price might reach $60,000. In another X post, Jelle also pointed
out that the token is presently in an area in which it normally
sees the best gains. Jelle revealed that the BTC always experiences
the best return when its “weekly Relative Strength Index (RSI) is
above 70.” Due to this, he has urged his thousands of followers to
invest significantly in the token to position themselves for more
gains. BTC finished the previous week on a bullish note, staying
put above the $52,000 threshold in the face of strong opposition.
This simply suggests a strong faith and dependency on the digital
asset from investors. After going past the $52,000 level, it set a
new weekly culmination record spanning two years. Because of
Bitcoin’s tenacity and upward movement, investors and market
watchers are anticipating what lies ahead. Massive Whale Moves Amid
Price Rally In light of BTC’s rally, Whale Alert has reported
massive whale transactions carried out hours ago. Whale Alert
revealed that around 18,484 BTC valued at about $962 million were
taken out of the decentralized exchange Coinbase. Related Reading:
Bitcoin Whales Increase Holdings By 4.5%, Getting Ready For Rally?
The on-chain tracker reported that the aforementioned withdrawals
were carried out in two distinct transactions. Whale Alert noted
that the first transaction saw 9,322 BTC worth approximately $485
million being withdrawn from Coinbase. Meanwhile, the second
transaction witnessed 9,162 BTC valued at about $476 million being
extracted from the same exchange. Both wallet addresses involved in
the withdrawal appear to be new ones, as they had no previous
transaction history. As of the time of writing, Bitcoin was trading
at $52,336, indicating an increase of over 9% in the past 7 days.
Despite the price rise, its trading volume appears to be down by
over 10% in the past 24 hours. Featured image from iStock, chart
from Tradingview.com
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