Bitcoin (BTC) May Be Getting Ready for a New Bullish Wave
Bitcoin (BTC) started a new bullish wave on February 26, 2024, bouncing from around $51,245 to $62,445 in 2 days. Although it reached higher levels in the following days, it fell below $62,445 a few times and tested the supports there. It even tested below $60,000 on April 17 and April 19, but strong price supports did not allow it to fall even lower. And, the Bitcoin chart signals that it is ready for a new bullish wave. Why?
Bitcoin (BTC) Daily Chart
Bitcoin (BTC) is currently trading at $62,396, which is almost close to the price on February 28, 2024. According to Wyckoff's law of cause and effect, in order to see a serious change in price, a root cause must first have been built. This is clearly visible on the Bitcoin chart and the longer the consolidation, the more explosive the price change will be. I would like to point out that Wyckoff's law of cause and effect does not say which direction the price will go. However, considering that the consolidation has been going on for a long time and the market conditions, the rise seems more likely. And the fact that the consolidation has lasted this long may indicate that a new bullish may be more explosive.
According to the Bitcoin chart, Bitcoin looks to be getting ready for a new bullish wave and if it can continue to stay above $62,000, I believe a new bullish wave could be triggered soon. And considering the consolidation has lasted this long, a new bullish may be more explosive. Also, considering the previous bullish rates, the next bullish wave could reach up to $100K.
Thank you for reading
@rtonline
This is not investment advice,I am just talking about current developments and only my personal opinions. As with all money markets, anything can happen in the crypto market at any time, so please do your own research before investing.
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