In a recent analysis, an experienced trader and analyst (@ Yodaskk on Twitter) shared a bullish medium-term forecast for Bitcoin (BTC), indicating that prices will rise significantly. This forecast is supported by three key indicators, which show the good prospects of the leading Cryptocurrency
In a recent analysis, an experienced trader and analyst (@ Yodaskk on Twitter) shared a bullish medium-term forecast for Bitcoin (BTC), indicating that prices will rise significantly. This forecast is supported by three key indicators, which show the good prospects of the leading Cryptocurrency.
According to @ Yotaskk, the key price level of Bitcoin is expected to reach in the fourth quarter of 2023, particularly between $44444 and $48650. The first indicator supporting this prediction is the Fibonacci pullback, which is a common tool for traders. When applied to the historical price trend of Bitcoin, the 61.8% level became a strong support level for bullish activity, consistent with the "interesting" region predicted by @ Yodask.
In addition, analysts used technical analysis indicators to examine Bitcoin's performance over the past six months, further enhancing the potential for significant price increases in the medium term.
@Yodaskk also emphasized the trend line of the Livermore absorption column over a large time range, although it is not a clear indicator. This indicates that the price trajectory of Bitcoin has the potential for bullish progress. However, it is worth noting that after the expected surge, Bitcoin may experience a significant pullback of around 30%, potentially pulling it back to its current level.
Recently, Bitcoin hit a new high for the year against the backdrop of the market, hitting $31400 on major spot trading platforms. This surge is driven by the optimistic sentiment of renowned asset management companies towards multiple Bitcoin Exchange Traded Fund (ETF) files.
It is worth noting that BlackRock, Kingsoft, WisdomTree, Valkyrie and other top institutional investors have all submitted applications to the U.S. Securities and Exchange Commission (SEC), triggering a boom in the Cryptocurrency market.
This positive sentiment is reflected in the Cryptocurrency fear and greed index, which has experienced the most significant surge since mid March. At present, the index is at a level of 65/100, transitioning from the "extreme fear" region to the "greed" region in just 9 days, indicating an increasing optimism among market participants.
As September approaches, investors and enthusiasts will closely monitor the price trend of Bitcoin to see if the bullish forecast holds true.
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