Amid recent market turbulence and widespread speculation over the future of bitcoin, cryptocurrency analyst and trader crypto Jelle has offered a bullish outlook for btc, stating that the cryptoasset's bull run is far from over, indicating its potential to recover further. in the coming months.
bitcoin's strength is underestimated
crypto Jelly x.com/CryptoJelleNL/status/1789940909297045586″ target=”_blank” rel=”nofollow”>analysis delves into the current bitcoin consolidation and the importance of the level. After the recently concluded fourth bitcoin In the case of halving, many people expect btc to show immense upward price movement. However, the coin has not lived up to the expectations of several community members and cryptocurrency enthusiasts due to the current price consolidation.
According to crypto Jelle, these people are actually underestimating how strong bitcoin has proven to be so far this cycle. Jelle noted that the Halving event occurred just a few weeks ago, and btc has been consolidating around the previous cycle's all-time highs for several months, suggesting a notable development compared to past trends. As a result, the analyst believes that bitcoin's bull run is not over yet and predicts that prices will reach a 6-digit level in the foreseeable future.
The post said:
People underestimate the strength that bitcoin has shown so far in this cycle. The halving event occurred just a few weeks ago and yet we have been consolidating around the previous cycle's ATH for months. This race is not over. Bring 6-figure btc.
Addressing the recent price corrections, Jelle states that pullbacks in the bull market are essential to rid the markets of enthusiasm and greed. After weeks of bitcoin gradually falling, particularly by 23%, market optimism has waned and it is now considered bold to be bullish.
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Therefore, crypto Jelle underlines that the potential for this market to rise further lies in the confidence of members of the crypto community in the market amid worrying times like this.
The crypto analyst highlighted that bitcoin is still trading within a 7-year channel. Should this post-halving Although the consolidation reflects past trends, the expert is confident that the best is yet to come, predicting that a breakout of the 7-year channel could send btc to the $100,000 price level.
btc price action looks good
crypto Jelle also hasx.com/CryptoJelleNL/status/1789919576509010015″ target=”_blank” rel=”nofollow”> identified Some indicators showing btc price action today look good. Drawing attention to the 100-day exponential moving average (EMA), Jelle signaled a bullish MACD crossover below the zero line, marking the first higher low in a longer time. Because of this, bitcoin price looks promising as it is almost done with its hard reset.
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Furthermore, if we look at the 21-week EMA, the crypto asset has returned to the key support level at $62,408. Jelle, on the other hand, does not see this development as a cause for concern and urges investors to remain invested in bitcoin.
Currently, bitcoin is demonstrating bullish momentum, rising from around $60,790 to around $63,100. At the time of writing, btc has risen more than 2% in the last day, trading at $62,570. Its market capitalization has also increased by 2.41%, while its trading volume has increased by 69% in the last 24 hours.
Featured image from iStock, chart from Tradingview.com
