Bitcoin’s price hit nearly $68,000 on July 22 but then corrected by 6% over the next three days, wiping out previous gains. Despite this dip, the $67k support level has held strong, offering a glimmer of hope for bullish investors. However, in the short term, Bitcoin bears have some macroeconomic data backing their stance.
Bitcoin’s price movements continue to captivate investors and enthusiasts alike. Charles Edwards, Founder of Capriole Fund, recently noted a significant development: Bitcoin has achieved its previous all-time high (ATH) during the traditionally quieter summer months.
Usually, summer sees lower trading volumes and less market activity, but Bitcoin’s strong performance indicates solid support even during these slower times.
Edwards is hopeful about the second half of the year, especially in Q3 and Q4. He believes the current stability could lead to significant market changes. Historically, the end of the year often brings more trading activity and price fluctuations in the cryptocurrency market.
If Bitcoin continues on its current path, we might see major price movements and possibly new ATHs soon.
In line with the optimistic outlook, Jelle’s analysis highlights a falling wedge pattern, often interpreted as a bullish signal in technical analysis. Jelle suggests that this pattern points to Bitcoin potentially reaching $100,000.
Despite bearish efforts to undermine this pattern, Jelle notes that recent price movements indicate the bears are losing their hold. The latest candlestick patterns hint at a possible upward shift.
All up from here
Confident in Bitcoin’s potential, Jelle expects a major upward move soon. With the falling wedge pattern in play, he predicts Bitcoin will climb towards $100,000. As Jelle puts it, “Send it higher.”
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