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Bitcoin

Bitcoin Needs To Hold Above $70,000 For Bullish Momentum: Analyst

Godspower Owie
by Godspower Owie
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin, the largest cryptocurrency asset by market cap, broke through the $70,000 resistance level today, demonstrating momentum for further upsurge. Delving into the significance of this development, cryptocurrency analyst and trader YG Crypto has emphasized that Bitcoin must break above the level and maintain that break in order for the digital asset to regain its bullish momentum.

The $70,000 Price Mark Is Crucial For Bitcoin

The analyst’s findings underscore the possibility of large price swings if this barrier is overcome and sustained, which coincides with the resurgence of interest in BTC among institutional and individual investors. This resistance level is believed to be crucial for sustaining market optimism and propelling Bitcoin’s upward trend toward new all-time heights.

Related Reading: Analyst Projects Bitcoin To Surge 18% In Next Market Move, Here’s How

YG Crypto noted that Bitcoin tried to break out when the United States market opened, but the barrier near the $70,000 mark persisted. “We might see another attempt soon, but a sustained break above this level is crucial for regaining bullish momentum,” he added.

Bitcoin
BTC must hold $70,000 to regain bullish momentum | Source: YG Crypto on X

Furthermore, the crypto expert highlighted that should the coin manage to clear this obstacle, it may aim for even greater prices in the coming days. Thus, he has urged the crypto community to watch out for impending economic data that may have an impact on investors‘ moods.

Well-known cryptocurrency expert Michael Van De Poppe has also shared insights on the development, further proving that the level is critical for the next phase of the crypto asset. Michael Van De Poppe claims that currently, BTC keeps grinding higher slowly, which may have propelled the coin to break through the $70,000 price level. Following the breakout, the analyst believes BTC is probably headed for a new all-time high in the foreseeable future.

At the time of writing, Bitcoin was changing hands between $70,990 and $71,000, indicating an over 3% increase in the last 24 hours. Both its market cap and trading volume have also seen positive sentiment, rising by over 3% and 30%, respectively, in the past day.

BTC Is One Weekly Close From Entering The Parabolic Phase

Bitcoin’s recent momentum has garnered several bullish price predictions from market experts lately, presenting the coin as a potential asset in the rapidly changing cryptocurrency market. Crypto strategist Rekt Capital has underlined the asset is on the brink of transitioning into a parabolic phase. 

Related Reading: Analyst Foresees Bitcoin Primed For The Next Leg, Here’s The Target

According to the analyst, BTC has returned to the Range High of the Re-accumulation Range and the result is unchanged. Thus, the parabolic phase which the analyst previously predicted will occur after BTC breaks out of the re-accumulation, is only one weekly close above the range high from entering the phase.

However, past trends indicate that BTC might not be able to accomplish this within 50 days after the Halving event. “Will historical tendencies prevail, or will Bitcoin continue its Accelerated Cycle with a historic breakout?, he added.

Bitcoin
BTC trading at $70,743 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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