Fun

Bitcoin Breaking Out Of 7-Month Accumulation Channel: Expert Predicts Further Upside

News Feed - 2024-10-19 01:10:04

Este artículo también está disponible en español.


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 1 day ago


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.  Bitcoin breaking 7-month accumulation pattern | Source: Daan on X


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? 1 day ago


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. BTC testing crucial supply below $70K | Source: BTCUSDT chart on TradingView


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? 1 day ago


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

News Feed

Turner Wright12 hours agoJudges deny Sam Bankman-Fried’s appeal for early releaseThe former FTX CEO will remain in jail following three judges with the 2nd U.S. Circuit Court of Appeals calling the arguments behind a m
Create Some Art Out of This Planet: Mars4 and Sketchar Martians888 Art Contest
Create Some Art Out of This Planet: Mars4 and Sketchar Martians888 Art Contest press release PRESS RELEASE. If You ever heard of CryptoPunks and always wanted to create an NFT yours
Ana Paula Pereira7 hours agoENS developers urge Unstoppable Domains to drop patents or face lawsuitENS developer Nick Johnson claims a patent granted to Unstoppable Domains in January is entirely based on ENS Labs innova
Dogecoin Price Knocks Off Second Major Correction, When Will The Recovery To $1 Resume?
Este artículo también está disponible en español. Dogecoin is beginning to regain momentum after a sharp dropin the early hours of January 3, a move that liquidated many
‘Midnight Massacre:’ SEC Crackdown on Crypto Staking Services Prompts Speculation of Further Enforcement Actions
‘Midnight Massacre:’ SEC Crackdown on Crypto Staking Services Prompts Speculation of Further Enforcement Actions On Feb. 9, 2023, the cryptocurrency community learned of the U.
StarkWare changes STRK token unlock schedule following controversy
Jesse Coghlan15 minutes agoStarkWare changes STRK token unlock schedule following controversyStarknet developer StarkWare cited community feedback as the reason it changed its token unlock schedule for its investors.104
Koinly Explains How The Ethereum Merge Could Affect Your Crypto Taxes
Koinly Explains How The Ethereum Merge Could Affect Your Crypto Taxes sponsored The Ethereum Merge is shaping up to be the biggest event in the crypto space in over five years, and
Tom Blackstone6 hours agoOnly 6 out of 45 crypto wallet brands have undergone penetration testing: ReportCybersecurity certification platform CER said the vast majority of wallets do not hire outside experts to perform p
Crypto ETF Race Heats Up in 2021- Valkyrie Bitcoin Trust Files to List Shares on NYSE
Crypto ETF Race Heats Up in 2021- Valkyrie Bitcoin Trust Files to List Shares on NYSE 2021 has been an explosive year for bitcoin as the crypto asset has touched
Tanzania Officials Want Global Clarity on CBDCs and Crypto Assets
Tanzania Officials Want Global Clarity on CBDCs and Crypto Assets Officials from Tanzania’s financial sector have called for a clearer global consensus on central bank digit
ETH to spike post halving, ETF denial would not ‘be bearish’ — Analysts
Ciaran Lyons2 hours agoETH to spike post halving, ETF denial would not ‘be bearish’ — AnalystsCrypto researcher Jupiter Zheng believes that the Ether ETF decision may not have a large impact on open interest as the
Is Solana In A Macro Trend Move? Charts Show Potential Shift
Este artículo también está disponible en español. Solana (SOL) is trading at its lowest price level since September 2024, as the entire crypto market struggles with fear