Bitrabo Editorial
Bitcoin surpassed the $70,000 resistance, setting the stage for potential upward movement. Analyst YG Crypto emphasizes the necessity for Bitcoin to breach and sustain this level to regain its bullish momentum.
Significance of $70,000 for Bitcoin
The breakthrough at $70,000 hints at potential significant price fluctuations and coincides with renewed interest from institutional and retail investors. This resistance level plays a pivotal role in sustaining market optimism and driving Bitcoin to new record highs.
YG Crypto points out that Bitcoin attempted to surpass this level with the US market opening but faced resistance. A sustained breach is crucial for re-establishing bullish momentum.
Additionally, the crypto expert suggests that if Bitcoin clears this hurdle, it may target higher prices soon. Monitoring economic data that affects investor sentiment is advised.
Renowned crypto analyst Michael Van De Poppe also shared insights, highlighting the critical nature of this level for Bitcoin’s future trajectory. He anticipates BTC may be gearing up for a new all-time high.
As of now, Bitcoin is trading between $70,990 and $71,000, reflecting a 3% surge in the last 24 hours. Both its market capitalization and trading volume have shown positive growth.
Bitcoin Nearing Parabolic Phase Entry
Bitcoin’s recent momentum has led to optimistic price forecasts from experts, positioning it as a promising asset in the evolving crypto landscape. Analyst Rekt Capital suggests that Bitcoin is on the cusp of entering a parabolic phase.
The analyst notes that Bitcoin has returned to the Re-accumulation Range’s High Range, signaling a potential transition to a parabolic phase following a break out of this range. One weekly close above the range high is all that’s needed for Bitcoin to enter this phase.
Historical patterns indicate that achieving this within 50 days post-Halving might be challenging. The unfolding scenario prompts a question of whether Bitcoin will adhere to historical trends or witness a groundbreaking event in its Accelerated Cycle.