According to renowned Crypto Analyst Tedtalksmacro, Bitcoin presents an enticing opportunity for both seasoned hodlers and newcomers looking to enter the market. The analyst’s assertion is based on Bitcoin’s recent achievement of its first higher-high since November 2021 and a high-lower since January 2023, as evidenced by the weekly chart. This development indicates that Bitcoin is positioning itself as a lucrative investment option for those seeking to capitalize on the cryptocurrency’s upward trajectory.
Moreover, he expertly dispelled any misconceptions regarding BTC’s potential descent to the $24K territory and confidently affirmed that the market has undergone a significant transformation.
His tweet read:
Traders now have clear invalidation and can cut longs on acceptance back into the range below 24k. Market structure has well and truly shifted.
Bitcoin (BTC) commenced the week’s trading at $28.02K, but its value dropped within a few hours of the market opening, as depicted in the daily chart. BTC remained within the $27.10K and $28K range for the better part of the week, indicating a consolidation phase. However, the bears took control on the fourth day, causing the coin to plummet further. Consequently, BTC’s value sank deeper, reaching $26.62K in the late hours of the fourth day.
As the fifth day dawned, a ray of optimism shone upon BTC as it began to chart a course of higher highs and higher lows. In the late morning hours, BTC triumphantly surpassed its opening market price, reaching a peak of $29.13K. This marked a significant milestone for cryptocurrency, instilling confidence in its potential for growth and stability.
Upon analyzing the chart above, BTC mirrors its volatile trend from the latter part of 2020. Should this pattern persist, it is plausible for BTC to reach Resistance 2, hovering around $57.6K. Alternatively, BTC may encounter Resistance 1 and stabilize within $37K to $44K.
In the unlikely scenario that BTC falls prey to the bears, it could rest on Support 1, hovering around the $16K mark. However, if the bears prove too formidable, BTC may plummet to Support 2, reaching approximately $8.25K. The question remains: will BTC breach the 24K threshold or adhere to the precision forecasted by Tedtalksmacro? Only time will reveal the answer.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
