According to the analysis of cryptocurrency expert Ali Martinez, the price of Bitcoin may soon undergo a round of adjustment. Analysts have observed that a head and shoulder pattern may be forming on Bitcoin's daily chart and have pointed out the potential existence of this pattern
According to the analysis of cryptocurrency expert Ali Martinez, the price of Bitcoin may soon undergo a round of adjustment. Analysts have observed that a head and shoulder pattern may be forming on Bitcoin's daily chart and have pointed out the potential existence of this pattern.
He pointed out that the daily chart of Bitcoin may show a sell signal, which is based on the green 9 candlesticks displayed in the TD order indicator. In addition, the Relative Strength Index (RSI) has reached a level of 74.21, which has triggered significant price adjustments since $31560.
According to this analysis, if the price of Bitcoin does not close above $31560 on the daily candle chart, there may be an adjustment in the price.
The analyst's shoulder chart reveals a possible sign of a reversal from a bullish trend to a bearish trend. If the price of the largest cryptocurrency is adjusted, the transaction price of Bitcoin may drop to $29500 or $28630. As of the time of publication, the price of Bitcoin was $30662.92, which has increased by 24% in the past 2.4 hours.
However, one of the well-known voices in the cryptocurrency field, Kevin Svenson, has brought us some interesting and positive news regarding whether Bitcoin can quickly break through $70000. Based on accurate historical analysis, he believes that the prospects for digital currencies are very optimistic.
In a recent YouTube video, he mentioned that if Bitcoin can break through the resistance level of $32000 and convert it into a support level, it is expected to see significant price growth.
More importantly, once the support level of $32000 is reached and confirmed, Bitcoin may begin to experience greater volatility. Although some investors may be concerned about this instability, Svensen believes it is a positive sign.
He said, "Once we stabilize above $32000, the market may start moving faster. Even if we don't exceed the initial record, the volatility at this level may still be significant
Based on this analysis, analysts predict that the value of Bitcoin may increase by approximately 130%, bringing the price of cryptocurrency close to $70000.
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