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Note: This blog is written by an external blogger. The views and opinions expressed in this post belong solely to the author.
Understanding the causes of Bitcoin price movement is crucial for both new and experienced investors. With Bitcoin trading near $63,000, it is important to analyze the various factors influencing this trend and what to expect for the future.
Let’s have a detailed analysis by a famous crypto expert Didi Taihutuwho uses various charts and market insights to explain bitcoin price movements.
4-hour chart analysis
The 4-hour chart reveals significant insights into Bitcoin’s short-term movements. Recently, Bitcoin triggered a buy signal, leading to significant gains for traders. This signal appeared after Bitcoin crossed the important green support line, which previously acted as resistance. A successful breakout of this resistance, confirmed by a full close of the candles, suggests an uptrend.
Bitcoin is currently targeting the next resistance level at $66,000. If Bitcoin fails to break this level, it could form a bearish flag pattern, potentially falling to the $37,000 to $44,000 range. However, a successful breakout could push Bitcoin towards $70,000 before any significant pullback.
Altcoin Market Cap Analysis
For those interested in altcoins, the altcoin market cap chart provides valuable insights. This chart excludes Bitcoin and focuses on the overall health of the altcoin market.
Recently, the altcoin market retested the crucial blue correction line, and the Gan channel on the 2-week chart turned green, indicating the likely start of alt season. Historically, a green Gan channel signals a bullish phase for altcoins. If this trend continues, we could see the altcoin market cap rise to $7 trillion, which will significantly increase altcoin prices.
Long Term Bitcoin Chart Analysis
The long-term Bitcoin chart shows the performance of Bitcoin over the years, highlighting the cyclical nature of its market. Historically, Bitcoin experiences a period of significant growth after each semi-annual event.
For example, Bitcoin rose from $2 to $29, then to $1,200, and later to $20,000. Bitcoin is currently hovering around its halving price of $63,000. A massive bull run has followed each of the past half-years, suggesting that Bitcoin’s current position could lead to significant gains. Based on historical patterns, Bitcoin could surpass $100,000 within the next 18 months and reach $1 million within 8-12 years.
Impact of News on Bitcoin Prices
Recent news events also play an important role in Bitcoin price movement. A notable event was the survival of President Trump’s assassination attempt and his subsequent commitment to the Bitcoin community. Trump has expressed support for Bitcoin, sharply contrasting Biden’s position. Trump’s potential re-election and pro-Bitcoin policies could further boost the price of Bitcoin. In addition, Trump is expected to make a significant announcement at the Bitcoin conference in Nashville, which could positively affect the price of Bitcoin.
Inspirational Insight
We must remain patient and strategic as we navigate the volatile crypto market. As the saying goes, “If you want to see the rainbow, you have to put up with the rain.” Similarly, Bitcoin dips and corrections are natural and necessary for a healthy market. Take these periods as opportunities to buy at lower prices and prepare for the next bull market.
Click here to view the detailed analysis.
Conclusion
Technical patterns, market sentiment and significant news events influence Bitcoin’s current trade near $63,000. Investors can make more informed decisions by analyzing various charts and staying informed about the latest developments. Remember that Bitcoin’s journey is marked by volatility, but it offers unparalleled growth potential with the right approach. Be vigilant, educate yourself, and make strategic investments to successfully navigate the exciting world of crypto.
Disclaimer: Cryptocurrency is not legal tender and is currently unregulated. Please ensure that you carry out a sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information presented in this section does not represent any investment advice or the official position of WazirX. WazirX reserves the right, at its sole discretion, to modify or amend this blog post at any time and for any reason without prior notice.
