As negative market sentiment continues to weigh heavily on BitcoinPopular cryptocurrency analyst and enthusiast Stockmoney Lizards expressed his views on this pessimistic view and provided key objectives to keep in mind during these turbulent times. These proposals aim to regain investor resilience and focus despite the growing uncertainty due to market instability and unfavorable trends.
The 5 Most Objective Golden Rules for Bitcoin
Speculations about the next Bitcoin price trajectory are mounting as the leading crypto asset continues to struggle to reclaim its all-time high of $74,000, reached in March this year. However, Stockmoney Lizards have shared a bullish outlook for Bitcoin, noting that recent negative price movements are essential for an upward move in the coming months.
Regarding the negative sentiment around BTC, the analyst has pointed out 5 golden rules that investors should keep in mind, which he believes are the most objective when determining its next price trajectory. Stockmoney Lizards exposed these five key insights due to several misleading and confusing posts by crypto enthusiasts on platform X (formerly Twitter).
For the first key objective, the cryptocurrency expert has noted that Bitcoin is currently in a positive zone, which points to bullish growth. distribution and reaccumulation Pattern. Initially, this stage, which is characterized by a period of relative stability, occurs when prices have reached their lowest point and the market has bottomed out.
Secondly, given the current price action facing resistance at the $60,000 level, Stockmoney Lizards has predicted a possible retest of the $50,000 and $52,000 range in the coming week. While it anticipates a retest of these levels, it stated that, in the end, a monthly close above $50,000 will be bullish.
He also highlighted a possible mass liquidation as Bitcoin The share price is down to $50,000, as seen with last week’s significant drop to the same level due to the Japanese stock market crash. However, he says there is still an opportunity for further growth, although most of the liquidity will have already dried up.
Lastly, he addressed the influx of negative sentiments on Bitcoin price, noting that they are quite normal during summer corrections, while also pointing to the bullish sentiment in October last year. He expects BTC to see positive price movements by then, as October has historically been a bullish month for the largest crypto asset.
BTC forms a bullish flag
Bitcoin price may be showing negative action, but cryptocurrency expert Elja also expects a rally in the coming months. pointing to a bullish flag formation on the BTC chart.
It is important to note that a bullish flag formation is considered a bullish continuation. pattern This usually happens after a significant price increase or a recovery. As a result, Elja, who spotted this pattern on the BTC chart, is confident that the coin will experience a massive rally in the fourth quarter of this year.
Although the cryptocurrency expert expects a major rally, he has warned investors against a prolonged price surge. consolidation between $49,000 and $66,000, especially until the end of the third quarter.
Featured image from iStock, chart from Tradingview.com
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