Bitcoin Breaking Out Of 7-Month Accumulation Channel: Expert Predicts Further Upside
18 Octubre 2024 - 11:00AM
NEWSBTC
Bitcoin is at a pivotal moment after surging past the $68,000 mark
and setting a new local high, confirming its bullish uptrend.
Analysts and investors closely monitor the next steps, searching
for signs of a continued rally or a potential retrace from higher
supply levels. While the excitement is palpable, there is caution
as traders prepare for possible resistance. Related Reading: Strong
Buy Signal For DogWifHat (WIF) – Key Indicator Hints At Rally To $4
Top analyst Daan shared a technical analysis highlighting that
Bitcoin has broken out of an accumulation channel, suppressing the
price. According to Daan, this breakout above the $68,000
resistance level signals a potential for further upside as Bitcoin
moves into uncharted territory. The next few days will
determine whether BTC can maintain its momentum or will face a
healthy pullback from these higher levels. With euphoria clashing
with fear of a correction, investors are keen to see whether
Bitcoin can continue its upward trajectory or if the market will
see a pause in the rally. Bitcoin Break Out: New ATH Next? The
crypto market is optimistic, as Bitcoin and most altcoins have
surged from yearly lows to yearly highs in just a few weeks.
Analysts are now speculating that this could be the start of
something big—a rally that could propel prices to new highs and
deliver massive gains to investors. Despite the excitement, there
is also a lingering fear of an impending correction.
Historically, Bitcoin has struggled to maintain momentum above
supply near $70,000, often facing strong rejections that lead to
sharp declines. However, top crypto analyst and investor Daan
recently shared a technical analysis on X, explaining why this
recent breakout might differ. According to Daan, Bitcoin has
finally broken out of a 7-month accumulation pattern that had kept
prices down, signaling a significant shift in market
dynamics. Furthermore, BTC has managed to break well above
the Daily 200 moving average (MA) and exponential moving average
(EMA), key technical indicators that had previously caused
resistance since the summer. Related Reading: Cardano Bullish
Pattern Suggests A Breakout – Can ADA Reach $0.54? With the
short-to-mid timeframe trend firmly up, Daan believes this bullish
outlook may suggest that Bitcoin could avoid another rejection near
$70,000. Instead, BTC might be gearing up for a powerful surge,
with investors eyeing new all-time highs in the coming weeks. BTC
Technical Analysis Since Monday, Bitcoin has tested a crucial
supply zone following a strong 9% surge. The price is trading well
above the Daily 200 moving average (MA) and exponential moving
average (EMA), signaling strength and maintaining bullish momentum
with no immediate signs of a retrace. This indicates buyers
remain in control for now, with a potential push to break above the
psychological $70,000 level. However, there’s still a risk that
Bitcoin could fail to break and hold the $70,000 mark, which is
critical for bulls to maintain upward momentum. A rejection at this
level could signal a shift in market sentiment, potentially leading
to profit-taking and consolidation. Historically, such
moments of euphoria in the market often end with a discouraging
move that cools down excitement, and a healthy retrace is possible.
Related Reading: Bitcoin ETFs See $1.6B Inflows This Week – Is BTC
Reaching A New ATH Soon? Should BTC experience a pullback, it’s
likely to find strong support at the daily 200 MA around $63,304.
This level has acted as a key indicator of support in previous
uptrends. It could provide a solid foundation for the next leg up
if the price corrects before resuming its bullish trajectory.
Featured image from Dall-E, chart from TradingView
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