Analyst Discusses Bitcoin Price Path To Heighten Fear Factor
2024年5月4日 - 1:00AM
NEWSBTC
MilkyBull, a well-known personality in the world of cryptocurrency
analysis, has drawn attention lately for his analysis of Bitcoin’s
price trajectory and his prediction of a situation that might cause
more fear in the market. MilkyBull’s analysis delves into the
subtleties of Bitcoin’s movement, identifying patterns and trends
that could have a big impact on investor mood. Bitcoin
Triggering Anxiety In The Market According to the analyst, the
market will get even more fearful of the Bitcoin price path before
it bottoms out and continues to rise. The analyst claimed that
because of the current price of BTC, Blackrock iShares Bitcoin
Trust (IBIT) saw its first-ever outflows since the approval of the
Bitcoin Spot Exchange-Traded Funds (ETFs). Related Reading: Bitcoin
Euphoria Cools Off As BTC Distribution Enters Fear Zone
Furthermore, he reminded us that positive news always denotes the
peak of a Bitcoin bull cycle, while negative news denotes the
bottom. With this notion, investors could position themselves for
the next trajectory BTC takes. To further explore his narrative,
MilkyBull drew attention to a previous analysis regarding Bitcoin’s
final local bottom in this cycle. Given that BTC is following the
PA (Price Action) of 2017, MilkyBull believes that the crypto asset
might have bottomed out or come close to it. Historically, the bull
market support band strongly sustains the Bitcoin market in bull
cycles. As a result, the analyst is confident that Bitcoin’s price
may wick through the support and recover. Another aspect
highlighted by the expert is the Global liquidity during past bull
cycles. Presently, Global liquidity is closely linked to Bitcoin at
a level where it recovered in October 2022 and October 2023, which
led to the inception of a massive surge in the digital assets
markets, sparking a massive surge in the whole cryptocurrency
market. With the macro volatility on Tuesday, MilkyBull
stated that Bitcoin is at a pivotal juncture for the last local
bottom before it resumes its rise to the cycle peak. Though the
market does not always respond to such expectations, the majority
of members in the crypto space are requesting a correction to
$48,000. BTC Poised For A Breakout On The Upside Another crypto
analyst Captain Faibik has also spotted the largest cryptocurrency
asset undergoing a price recovery lately. According to the expert,
although BTC is currently seeing a rebound, it is still moving
inside the falling wedge formation. Related Reading: Bitcoin Loses
Historical Level, Analyst Says “Reclaim And Bounce, Or Die” Thus,
Bitcoin’s bullish investors must overcome the $61,000 resistance
level for the digital asset to break out from this formation.
Should BTC break out from this formation successfully, Captain
Faibik anticipates a notable move on the upside toward $78,000.
Given that BTC is already trading above $61,000, all eyes are now
set on the $78,000 price level. At the time of writing, BTC was
situated at $61,701, indicating a rise of over 5% in the past day.
Data from CoinMarketCap shows that its market cap has increased by
5%, while the trading volume is down by 21%. Featured image from
iStock, chart from Tradingview.com
TRON (COIN:TRXUSD)
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