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Bitcoin Recovery Rally: Breaking Through This Level Is Key To Bullish Momentum - Analyst
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin’s Recovery Rally: Breaking Through This Level Is Key To Bullish Momentum – Analyst

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Bitcoin (BTC)

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Over the past week, Bitcoin (BTC) has struggled to move significantly to the upside as the leading cryptocurrency has entered a consolidation phase below the $69,000 mark.

This subdued volatility departs from Bitcoin’s usual fluctuations, raising speculation about a potential stagnation phase in its market trajectory.

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Bitcoin Bulls Roar: Analysts Predict Surge To $82,000 Amid Bullish Pennant Formation

1 year ago

Anticipation Builds For Bitcoin’s Next Rally

The cryptocurrency community has closely monitored Bitcoin’s movements, especially as it approaches crucial resistance levels. Insights from prominent crypto analyst Captain Faibik shed light on Bitcoin’s current outlook.

Captain Faibik suggests that Bitcoin could be on the brink of a significant breakout, contingent upon surpassing the $70,000 resistance threshold. According to the crypto analyst, the BTC “Bulls must Clear the $70,000 Resistance area to Confirm the upside Breakout.”

$BTC is Bouncing back Nicely but still Consolidating within the Triangle.

Bulls must Clear the 70k Resistance area to Confirm the upside Breakout.#Crypto #Bitcoin #BTC pic.twitter.com/NxAz8Y1ktq

— Captain Faibik (@CryptoFaibik) April 5, 2024

Another crypto analyst, Jelle, Echoes similar sentiments and emphasizes the importance of patience among investors, particularly with the impending Bitcoin halving event on the horizon.

Notably, the Halving is a pre-programmed event built into the Bitcoin protocol that occurs approximately every four years within the Bitcoin network to reduce the reward for mining new BTC blocks.

Despite Bitcoin’s recent consolidation, anticipation for a potential rally above the $70,000 mark continues to build within the crypto community, especially as the halving is now less than 20 days away. This is because the halving ultimately decreases the supply of new BTC, and reduced supply often leads to increased demand and speculative buying.

 Hope For Bitcoin Bull Run

Jelle’s analysis underscores the historical precedent of Bitcoin’s price movements, noting that previous all-time highs were often preceded by periods of consolidation and uncertainty.

Related Reading

Bitcoin (BTC)

Bitcoin Teeters On The Edge Of Glory: Will It Smash The $70,000 Resistance?

1 year ago

Drawing attention to bullish indicators such as the pennant formation and strong support levels, Jelle predicts a breakout in the coming weeks, providing hope for investors seeking upward momentum in Bitcoin’s price trajectory.

While #Bitcoin did not break $69,000 in one go, it looks like it’s forming a new higher low here.

Hold $66,500, and we’ll be at $69k again soon.

Be patient – the halving is approaching fast. pic.twitter.com/LgMjodV4mF

— Jelle (@CryptoJelleNL) April 5, 2024

Meanwhile, current market data indicates a favorable environment for retail traders, with Glassnode reporting increased Bitcoin accumulation by short-term holders since December 2023.

Bitcoin short term holders metric.
Bitcoin short-term holders metric. | Source: Glassnode

This trend suggests growing confidence among retail investors in Bitcoin’s long-term potential, further fuelling expectations for a potential rally beyond $70,000.

Featured image from Unsplash, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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