MilkyBull, a well-known personality in the world of cryptocurrency analysis, has been attracting attention lately for his analysis of the bitcoin price trajectory and his prediction of a situation that could cause more fear in the market.
MilkyBull's x.com/MikybullCrypto/status/1785928849093435866″ target=”_blank” rel=”nofollow”>analysis delves into the subtleties of bitcoin's movement, identifying patterns and trends that could have a big impact on investor mood.
bitcoin causes anxiety in the market
According to the analyst, the market will be even more afraid of the trajectory of bitcoin's price before it bottoms out and continues to rise. The analyst stated that due to the current price of btc, Blackrock iShares bitcoin Trust (IBIT) experienced its first outflows since the approval of the bitcoin Spot Exchange Traded Funds (ETFs).
Furthermore, he reminded us that positive news always denotes the peak of a bitcoin bull cycle, while negative news denotes the bottom. With this notion, investors could position themselves for the next trajectory btc will take.
To further explore its narrative, MilkyBull drew attention to a previous analysis on the final local price of bitcoin. below in this cycle. Since btc is following the 2017 PA (Price Action), MilkyBull believes that the crypto asset could have bottomed out or gotten close to it.
Historically, the bull market support band firmly supports the bitcoin market in bullish cycles. As a result, the analyst is confident that bitcoin price can break through the support and recover.
Another aspect highlighted by the expert is global liquidity during past bullish cycles. Currently, global liquidity is closely tied to bitcoin to a level where it rebounded in October 2022 and October 2023, triggering the start of a massive surge in digital asset markets, triggering a massive surge in the entire cryptocurrency market.
With Tuesday's macro volatility, MilkyBull stated that bitcoin is at a crucial juncture to hit the latest local low before resuming its climb to the cycle peak. Although the market does not always respond to such expectations, most members of the crypto space are calling for a correction to $48,000.
btc primed for a breakout to the upside
Another cryptanalyst, Captain Faibik, also x.com/CryptoFaibik/status/1786237238411448558″ target=”_blank” rel=”nofollow”>stained the largest cryptocurrency asset that is experiencing a price recovery lately. According to the expert, although btc is currently experiencing a reboundIt is still moving within the descending wedge formation.
Related reading: bitcoin loses all-time high, analyst says “recover and rebound, or die”
Therefore, bullish bitcoin investors must overcome the $61,000 resistance level for the digital asset to break out of this formation. If btc manages to break out of this formation successfully, Captain Faibik anticipates a notable move higher towards $78,000.
Given the btc Already trading above $61,000, all eyes are now on the $78,000 price level. At the time of writing, btc stood at $61,701, indicating an increase of over 5% in the last day. Data from CoinMarketCap shows that its market capitalization has increased by 5%, while trading volume has decreased by 21%.
Featured image from iStock, chart from Tradingview.com
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