Bitcoin Bullish Outlook: Analyst Predicts Near-Term Surge To $61,000
23 Février 2024 - 1:30PM
NEWSBTC
The price of Bitcoin (BTC) seems to be losing momentum after its
bullish breakout to the $52,000 price mark, but some patterns
indicate further optimistic activity may be ahead. Bitcoin Price To
Reach $61,000 On Thursday, Titan of Crypto, a well-known
cryptocurrency analyst shared an interesting prediction for Bitcoin
in the near future on the social media platform X (formerly
Twitter) sparking hope within the community. Related Reading:
Bitcoin Long-Term Call: Analyst Predicts Price To Soar To $500,000
Titan of Crypto pointed out in the post that Bitcoin is about to
form a trend that he called a “Bull Flag formation.” As a result of
this latest action, he has placed a near-term price target for BTC
at the $61,000 threshold. However, the expert noted that the crypto
asset is presently experiencing a retest of the Tenkan indicator.
According to Titan of Crypto, the price of Bitcoin encounters a
pullback every time it reaches the $50,700 level. Furthermore, the
analyst asserted that there is a good chance that bull flag
formation will materialize as long as the Tenkan retest remains
steady. However, he anticipates a potential drop to $47,300 at the
Kijun level, if a breakout toward the downside occurs. The post
read: Bitcoin Bull flag formation: target at $61,000. BTC is
retesting Tenkan at the moment. Each time it hits the $50,700 level
it’s bought back. Look at the candle wicks. As long as Tenkan holds
the potential bull flag formation is likely to play out. If it were
to break to the downside, next support would be Kijun at currently
approximately $47,300. Titan of Crypto has identified another
exciting piece of information regarding Bitcoin’s current stance in
the market. In another X post, he claims that BTC has entered the
“second phase of the bull run.” The crypto expert stated that BTC’s
“Monthly Williams %R” is approaching the “top dotted line.” He
mentioned that when the development took place in the last cycle,
Bitcoin was about to enter its second bull market phase. Bitcoin,
as of the time of writing, was trading at $50,986, indicating a
1.55% decline in the past 24 hours. Data from CoinMarketCap shows
its market cap and trading volume are both down by 1.56% and
20.48%, respectively. BTC Network Sees Significant Investment
Inflow From Investors With the recent rally, BTC appears to have
garnered investors’ interest as the asset has experienced a rise in
investment inflow. Willy Woo, a crypto analyst, reported that every
day, the network receives around an average of $607 million in new
investor demand. Related Reading: Bitcoin Halving Prep: Analyst
Outlines Key Points Ahead Of Event Meanwhile, the overall number of
new Bitcoins created daily by mining is just approximately $46
million. In the post, Woo also highlights the importance of the
upcoming BTC supply halving, which is just 60 days away. As it is
widely known, Bitcoin halving is when the introduction of new BTCs
into circulation is cut by half, which happens every four years
after miners solve 210,000 blocks. Featured image from iStock,
chart from Tradingview.com
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