Buckle Up: Bitcoin’s Ride to $74K Could Start Any Minute – Here’s Why
June 03 2024 - 6:00PM
NEWSBTC
Although Bitcoin has yet to reclaim its peak of over $73,000 from
March, it achieved a 24-hour high of $70,188. This performance is
part of a gradual increase, with Bitcoin rising 1.2% over the past
week and 2% in the last 24 hours, bringing its current price to
$69,211. Amid this price performance, the crypto has shown
promising fluctuations that suggest a possible upswing in its
market value, with developments in trading patterns and analyst
forecasts painting a bullish future. Related Reading: Is This The
Biggest Bitcoin Bull Run Ever? Analyst Says Yes! Breaking
Resistance: BTC Eyes Major Breakout In the current market
environment, Bitcoin is nearing a critical resistance level that
could set the stage for its next big price movement. Crypto analyst
Ali has pointed out that BTC is on the verge of breaking out from a
“symmetrical triangle” pattern on the charts. This pattern,
characterized by two converging trend lines, represents a period of
consolidation before the price potentially moves in a more decisive
direction. Ali suggests that if Bitcoin can sustain a close above
the $69,330 resistance level, it may quickly ascend to around
$74,400. This move would break the recent static trend and signal
the beginning of a more substantial rally. #Bitcoin appears to be
breaking out from a symmetrical triangle! A sustained close above
the $69,330 resistance level could send $BTC to $74,400.
pic.twitter.com/UrZrJqZdrr — Ali (@ali_charts) June 3, 2024 Adding
to the optimistic outlook, analyst TechDev has provided a
comprehensive analysis that supports the potential for an
unprecedented breakout. His observations are backed by historical
data and technical indicators that align with Bitcoin’s current
market activity. According to TechDev, Bitcoin is exhibiting a
pattern that could indicate a major bullish phase. He notes
that historically, Bitcoin has experienced significant price
increases, known as “blowoff tops,” which have typically been
followed by notable corrections. However, the current scenario is
different. Bitcoin did not experience a blowoff top in 2021, which
diverges from its historical behavior and suggests a potential
buildup to a more sustained price increase. Impending Bitcoin
Supply Squeeze In support of these technical analyses, the market
is also witnessing significant movements in terms of ownership and
storage. Data from BTC-ECHO’s Leon Waidmann reveals that the
percentages of Bitcoin and Ethereum held on exchanges are at their
lowest levels in years, indicating strong holding behavior among
investors. Related Reading: Bitcoin In ‘Euphoria Wave’ – How Long
Until The Bull Run Ends? This decrease in exchange balances and
continued accumulation by whales suggest that a supply squeeze
could be imminent, potentially driving prices up as availability
decreases. 📉 Exchange balances for both #Bitcoin and #Ethereum are
at their lowest levels in years!🔥 Whales continue to accumulate.
#BTC on exchanges is down to 11.6% and #ETH is at 10.6%! Supply
squeeze incoming. 📈 Get ready for the next big move. 🚀
pic.twitter.com/u4j13DZBJk — Leon Waidmann | On-Chain Insights🔍
(@LeonWaidmann) June 2, 2024 Featured image created with DALL-E,
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