A crypto analyst has predicted that bitcoinThe largest cryptocurrency in the world will double its price in the coming months.
bitcoin Price Shows Rare Technical Pattern
In a recent x (formerly twitter) post, a crypto analyst and bitcoin enthusiast identified himself as 'TechDev' x.com/techdev_52/status/1776964413603332417?s=46″ rel=”nofollow” target=”_blank”>revealed a rare technical pattern observed in btc price movements. Sharing a price chart illustrating that of bitcoin historical price fluctuations Since 2011, TechDev revealed a clear correlation in the cryptocurrency's price movements throughout 2013, 2017, and 2022.
According to the analyst, The price of bitcoin during these years it had closed two consecutive months above the Bollinger Bands. He revealed that previously when this happened, the price of btc had doubled in three months from its initial price value.
Based on its analysis of this rare technical indicator, TechDev revealed that a A similar pattern appeared in the price of btc. in 2024. This suggests that the cryptocurrency may see its price double to almost $140,000 by July 2024.
At the time of writing, the price of bitcoin is trading at $69,740, reflecting an increase of 0.57% in the last 24 hours, according to CoinMarketCap. The cryptocurrency has seen a notable bullish trend since the beginning of the year. reaching new all-time highs long before the expected bitcoin halving in April.
With btc/bitcoin-price-primed-to-clear-71500-and-rally-again/” rel=”nofollow noopener” target=”_blank”>btc Price Trajectory in Steady Momentum and capturing the attention of the broader crypto community, this latest forecast adds more fuel to the growing hype and bitcoin-news/bitcoin-sentiment-extreme-greed-btc-71000/” rel=”nofollow noopener” target=”_blank”>bullish sentiment surrounding cryptocurrency.
Countdown to Halving Event
Popular crypto analyst Ali Martínez has x.com/ali_charts/status/1776754312796086656?s=46″ rel=”nofollow” target=”_blank”>a countdown began to the long awaited bitcoin/when-is-the-next-btc-halving-date-bitcoin-halving-guide/” rel=”nofollow noopener” target=”_blank”>bitcoin Halving Event scheduled for April 2024. Expressing optimism about the 4-year bitcoin supply cut, Martinez revealed that the halving event was less than two weeks away.
During this period, the block rewards btc miners will be halved, which will reduce the rate at which new coins are created and therefore decrease the supply and potentially increase the value of the cryptocurrency.
Santiment reports have x.com/santimentfeed/status/1777087172786713020?s=46″ rel=”nofollow” target=”_blank”>revealed a strong inclination that the current strong market performance is likely to continue until the halving event.
On the contrary, Martínez revealed that selling pressures could take over the current market if bitcoin were to witness a rally to $70,190. He projected around $33 million in liquidations on derivatives exchanges if btc hits the aforementioned target.
Furthermore, the crypto analyst noted a significant increase in sellers during bitcoin's recent drop below $70,000. x.com/ali_charts/status/1777134454420439063?s=46″ rel=”nofollow” target=”_blank”>Predict a potential rally to $70,875, anticipates approximately $72 million in settlements.
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btc price restarts bullish trend | Source: BTCUSD on Tradingview.com
Featured image of Siam Blockchain, chart from Tradingview.com