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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market
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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Bitcoin Volume Shelf Indicates Possible Launch To $131,000 – Analyst

Semilore Faleti
Semilore Faleti
2 weeks ago
2 mins read
Bitcoin

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Created by industry experts and meticulously reviewed
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Following the steep corrections seen in late July, the Bitcoin market made a modest recovery in the past week, rising by 2.73% according to data from CoinMarketCap. However, another rejection amidst this price resurgence forces the premier cryptocurrency to now trade within the $116,000 price region. While the crypto market awaits the token’s next move, cumulative trading activity signals potential for a major price surge to a new all-time high.

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2 weeks ago

Golden Ratio In Sight: Bitcoin Targets $131K After Volume Shelf Hold

In an X post on August 8, popular financial market analyst Donald Dean shares an interesting bullish price prediction on the Bitcoin market. Based on the existence of a volume shelf on the BTCUSDT daily chart, Dean tips the crypto market leader to soon attain a $131,000 market valuation.

By way of explanation, a volume shelf refers to a price level where a significant amount of trading activity/volume has occurred. In the chart above, this level of trading is indicated by the horizontal bars on the right side of the chart. A volume shelf tends to act as a strong resistance or support zone because many traders are assumed to have bought or sold at this level.

Bitcoin
Source: @donaldjdean on X

According to Donald Dean’s analysis, Bitcoin is currently hovering around a volume shelf between $116,000 – $118,000, which has been identified as a potential launch area. If Bitcoin can consolidate decisively above this range, it suggests that this level has enough buying interest to potentially act as a springboard for the next leg up.

Interestingly, Dean predicts that this accumulation phase would provide the momentum needed to propel BTC toward the 1.618 Fibonacci extension level, a key technical milestone known as the “golden ratio.” This level, positioned around $131,000, represents the next major price target for the Bitcoin market, signaling a potential 12.93% gain on the present market prices.

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Bitcoin Market Overview

At the time of writing, Bitcoin was trading at $116,756, after a minor decline of  0.02% over the past 24 hours. Meanwhile, market trading volume has fallen by 20.97% and is valued at $55.24 billion.

Data from CoinCodex indicates that market sentiment remains strongly bullish, with the Fear & Greed Index at 67. Despite this optimism, analysts expect BTC to hold within its current range, projecting prices of $117,167 in five days and $115,980 in thirty days, and a potential dip to $112,688 over the next three months.

Bitcoin
BTC trading at $116,756 on the daily chart  | Source: BTCUSDT chart on Tradingview.com
Featured image from Pexels, chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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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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