- “Golden 7” phase materializes, potentially leading to a bullish trend for Bitcoin.
- BTC trading above $30,000 threshold after 1.98% decline over the past week.
- BTC exhibiting sideways movement, potential for $35,000 mark but caution advised.
According to a renowned Bitcoin analyst known as CryptoCon, the highly anticipated “golden 7” phase has recently materialized. Utilizing the TD Sequential technical analysis indicator on Bitcoin’s monthly chart, CryptoCon observed the completion of the seventh setup phase, commonly referred to as the Golden 7, in 2023. This significant development suggests that the subsequent eighth and ninth setup phases will likely follow, potentially leading to a bullish trend for Bitcoin.
Additionally, CryptoCon highlighted the absence of the “Golden 7” completion as a contributing factor to the lack of a bullish trend in BTC throughout 2019. However, with the recent formation of a seventh setup in BTC’s monthly candlesticks, there exists a potential for an imminent commencement of the bull run.
Bitcoin (BTC) is being traded above the $30,000 threshold following a decline of 1.98% over the past week. The foremost cryptocurrency experienced a downturn, reaching a valuation of $30,033.26. At the time of this composition, BTC’s market capitalization has decreased by 0.93% to $583,650,198,822.
Upon analyzing the charts, it is evident that BTC is exhibiting a sideways movement, as indicated by the candlesticks trading near the middle line of the Bollinger Bands. Additionally, the horizontal positioning of the upper and lower bands serves as further validation, suggesting that the candlesticks may continue to move sideways for a considerable duration.
It is important to acknowledge that the current position of BTC is a result of a significant surge witnessed in the recent past. This substantial increase was pivotal in propelling BTC’s value from $25,000 to $30,000, and it is plausible that heightened buying pressure contributed to this surge.
In the case of BTC, we have witnessed a period of consolidation followed by a significant surge in price. This particular trend has occurred on two occasions, leading many bullish traders to speculate that BTC has the potential to reach the $35,000 mark after a period of sideways trading. However, it is crucial for traders to exercise caution and await confirmation regarding the market trend, as the candlestick patterns may also indicate a potential decline in price corresponding to the overbought spike event.
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.
