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Bitcoin Readies for Next Leg Higher
Bitcoin (BTC) seemingly moves without rhyme or reason, but the cryptocurrency, just like any other asset, has patterns, has rhythms, that may lend insight into future price trends.
Mohit Sorout — a partner at crypto hedge fund Bitazu Capital — shared once such pattern when he published the chart below, indicating that Bitcoin “loves to paint” this price action.
According to Sorout, Bitcoin followed this exact schematic twice last year, once prior to rallying from $5,000 to $7,000, and another time before rallying from $8,000 to the $14,000 yearly highs.
Considering Bitcoin’s price action over the past few days matches the left side of the schematic perfectly, a near-term rally towards ~$11,500 has been made that much more likely, Sorout’s chart indicated.
Sorout’s schematic isn’t the only sign suggesting that Bitcoin will soon make a run past $10,000 to new all-time highs.
The same trader that predicted Bitcoin would bottom at $3,200 six months before it did argued this week that BTC’s chart implies an imminent upswing towards the $12,000 region.
In reference to the chart below, the analyst remarked that “Bitcoin [recently] smashed past” a key technical resistance while the cryptocurrency has held crucial technical levels. This led him to the conclusion that a move towards $11,500 in July is possible.
More recently, he added that the historical downtrend from Bitcoin’s 2019 high of $14,000 was just broken just days ago.
Bitcoin holding key technical levels while crossing the downtrend indicates that BTC’s price action over the past few days constitutes consolidation above a level of resistance — a sign deemed bullish by the trader.
Bitcoin could also be buoyed by positive fundamental events, such as billionaire hedge fund manager Paul Tudor Jones’ entrance into the cryptocurrency space.
The Wall Street veteran revealed this week that he is investing around $100 million worth of his personal wealth in Bitcoin. The investor attributed to his newfound belief in the benchmark cryptocurrency to central banks, which are not printing more money than ever before to save the flagging economy.
In other trending Bitcoin News today:
Hedge Fund Manager Predicts Bitcoin’s Post-Halving Trajectory
Hedge fund manager Matt D’Souza thinks patience is the key for Bitcoin holders looking to capitalize on the halving.
D’Souza, who’s also the co-founder and CEO of the crypto mining operation Blockware Solutions, says it’s not the time to day trade.
“In 2016, Bitcoin rallied ~67% into Halving. It corrected 33% & bottomed within 3 weeks only to begin a 17-Month Bull Market. In 2020, we didn’t rally going into Halving as we recovered losses from a Global Market Melt Down. The Fundamentals for Bitcoin have never been better.
Halvings are typically Buy the News, Sell the Rumor Events. In 2020, I expect a shallower sell-off than 2016 (we already corrected 20%) & only a 1.5-3 week duration max. Now is the time to be patient & Hold – NOT day trade. The big money is in the sitting & capturing the Cycle.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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