Through bullish and bearish rallies, crypto analysts have always given their forecast of where the price of a cryptocurrency like bitcoin could end up. This is generally the norm, but one analyst has taken a deeper dive into the coin to offer an in-depth analysis of the bitcoin rally. The analysis addresses multiple indicators, as well as the widespread acceptance that btc has been gaining recently.
bitcoin price at $70,000
The analysis shared on TradingView shows a different side of the market that has not been exploited until now. The analyst who calls himself ArShevelev identifies the period between March and August as the “Stealth Phase,” which is likely where most of the buildup occurred.
The cryptocurrency then entered the ‘EW Channel’, which appears to have served as a rebound point for the rally. From here, it has been an easy climb to reach the $34,000 mark. But this is where things start to get interesting.
At this level, the analyst predicts a price decline. This pullback from $34,000 sees the price fall back to $31,000 before the rally begins again. The end of this retest leads to the top of the third wave, where the price reaches $50,000, before another pullback again.
This sent the price back down to the $35,000 mark once again to mark the fourth wave before bouncing again in the fifth wave. Now, at this point, the analyst sees ‘Media Attention’ come into play (presumably conventional and traditional financial media), and the takeoff from this level reaches the $70,000 mark.
<img decoding="async" class="alignnone size-medium wp-image-557653 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-70000.png?w=460&resize=460%2C286″ alt=”bitcoin $70,000″ width=”460″ height=”286″ srcset=”https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-70000.png?w=2949 2949w, https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-70000.png?w=460&resize=460%2C286 460w, https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-70000.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-70000.png?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-70000.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-70000.png?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-70000.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-70000.png?w=1140 1140w” sizes=”(max-width: 460px) 100vw, 460px” loading=”lazy” data-recalc-dims=”1″/>
Roadmap to btc at $70,000 | Source: bitcoin-Analysis-Big-and-Long/">Tradingview.com
Momentum Driving Factors
The crypto analyst presents seven main factors behind bitcoin‘s predicted momentum leading to a bull market. To start, the first is the same one that everyone is waiting for: the almighty bitcoin Halving. This event is undoubtedly the most bullish in bitcoin history and a repeat is expected to fuel the bull market.
Next on the list is the Momentum Structure and Ascending Channel, where the analyst believes btc price is “painting a compelling picture on the daily timeframe.” This leads to third wave speculation, as already explained above. The analyst believes that the market is in the third wave, with the fourth being a setback and the fifth being above $70,000.
Fourth on the list is the Wyckoff accumulation pattern in which bitcoin is already showing strength. Then there is the contraction of the width of Bollinger bands, which has fallen to 2014 levels. “This rarity accentuates bitcoin‘s growth potential and serves as a strong indicator for investors,” says ArShevelev.
The sixth factor is historical comparisons, where current price action is compared to previous market trends. The 2023 bear market looks more like the 2015 bear market, as the analyst points out, and this could lead to a nearly 100% price increase like what happened in 2015. This would put the price of bitcoin above $50,000.
Last but not least is institutional interest, which has been increasing lately. Primarily, this has been driven by the excitement around BlackRock, the world’s largest asset manager, filing for a Spot bitcoin ETF and possibly adding bitcoin to its $8+ trillion portfolio.
ArShevelev explains that a bitcoin Spot ETF “promises to be a game-changer” due to its ability to bridge TradFi with cryptocurrencies and allow more money to flow into bitcoin. “The arrival of the ETF not only means regulatory recognition but also invites a wave of retail participation,” said the crypto analyst. “The forecast is that as we approach the holiday season, institutional investors will further solidify this upward trajectory.”
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/10/Bitcoin-Spot-ETF-Expert-Reveals-Why-BlackRocks-DTCC-Listing-Doesnt" alt="Tradingview.com bitcoin Price Chart ” width=”2650″ height=”1758″ loading=”lazy”/>
btc falls to $34,398 | Source: BTCUSD on Tradingview.com
Featured image of The crypto Basic, chart from Tradingview.com
