Bitcoin Nears Key Breakout: Last Three 200-Day MA Crossings Triggered ‘Parabolic Bull Runs’
15 Octobre 2024 - 6:30AM
NEWSBTC
After a brief dip below the $60,000 mark on October 10, Bitcoin
(BTC) has regained momentum, inching closer to its all-time high
(ATH) of $73,700, reached in March of this year. This price
recovery follows considerable volatility experienced by the largest
cryptocurrency on the market throughout the year, with significant
price swings, including sharp falls of almost 20% on 5 August and 6
September. Despite these setbacks, indicators suggest that the bull
run that investors have been anticipating for the last quarter of
the year may still be on the horizon. Crypto analyst Ali
Martinez recently highlighted BTC’s recovery just below the $66,000
mark, stressing that if this level can be maintained in the coming
days, further gains could be in store. Historical Patterns Suggest
Bitcoin Could Surge Past $70,000 In a series of posts on social
media platform X (formerly Twitter), Martinez pointed out that
Bitcoin is once again attempting to break through the critical
200-day moving average (MA), which currently sits between $63,000
and $64,000 on the daily chart. The analyst noted that after
four previous rejections at this level this year, Bitcoin’s
repeated attempts to break above this level could signal a
significant turning point for the upcoming price action. Related
Reading: Crypto Analyst Predicts ‘Giga Pump’ For XRP Price, Here’s
The Target Martinez also highlighted a historical pattern: each of
the last three times Bitcoin successfully broke above the 200-day
moving average, it led to parabolic bull runs. This suggests
that if Bitcoin can consolidate above this key level for the
remainder of the month, the likelihood of exceeding the $70,000
mark for the first time in nearly three months increases
significantly. Looking ahead, the analyst has set a target of
$78,000 for Bitcoin in the near term. Historical Trends And
Election Dynamics Fuel Optimism Bloomberg recently highlighted
Bitcoin’s price recovery, linking it to improving expectations
around the US regulatory landscape for cryptocurrencies,
particularly in the wake of the upcoming presidential
election. Democratic nominee and Vice President Kamala Harris
announced her commitment to establishing a supportive regulatory
framework for crypto, coinciding with outreach efforts aimed at
Black male voters as election day approaches. In contrast,
Harris’ Republican rival Donald Trump has positioned himself as a
strong advocate for the digital asset industry, including promises
to make changes to the US Securities and Exchange Commission (SEC)
and to establish a Bitcoin reserve for the nation, which Bloomberg
believes could resonate with voters in a close race. Noelle
Acheson, author of the Crypto Is Macro Now newsletter, noted that
recent market movements appear to be election-driven. Initially,
Bitcoin’s uptick was influenced by Trump’s lead in prediction
markets and polls. This was followed by favorable comments
regarding crypto from the Harris campaign, suggesting a less
restrictive approach compared to the current Biden administration.
Although specifics of Harris’s crypto policy remain unclear, the
sentiment indicates a potential shift toward a more positive
regulatory environment. Related Reading: Why Isn’t XRP Price
Moving? Crypto Pundit Claims The Answer In addition, October has
historically been a strong month for BTC, with the cryptocurrency
gaining an average of 20% during this time over the past
decade. Sean Farrell, head of digital asset strategy at
Fundstrat Global Advisors LLC, pointed out that historical trends
suggest that this seasonal strength is typically more pronounced in
the second half of the month, suggesting that BTC’s price could see
further gains as the month progresses. At the time of writing,
Bitcoin is trading at $65,970, up more than 5% in the 24-hour time
frame. Featured image from DALL-E, chart from TradingView.com
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