Bitcoin has been experiencing uncertainty since its decline in March. However, experts are now suggesting that it may surpass the significant resistance level of $70,000, leading to a new record level that could potentially exceed $100,000. This prediction aligns with previous Bitcoin cycles, where a consolidation phase is followed by a significant rally in price.
Crypto expert TradingShot shared their views on May 23, stating that Bitcoin is expected to enter a new rally phase following the halving event. They noted that this consolidation phase has been observed in past cycles and typically precedes a substantial increase in Bitcoin’s price. Their analysis also highlighted the symmetry in Bitcoin’s cycles, with the Vortex Indicator and Commodity Channel Index indicating a predictable pattern in price movements.
It is important to mention that Bitcoin has shown an upward trend recently, reaching the $71,000 level on May 21. This increase coincided with significant inflows in spot purchases and spot Bitcoin exchange-traded fund entries. Currently, there are two prevailing views in the market: some analysts believe that the peak has already been reached, while others suggest that the bull run following each halving event has just begun.
Investors should be aware that cryptocurrencies are highly volatile and carry risks. It is important to conduct thorough research and make informed decisions when investing in cryptocurrencies. Stay updated with the latest technology news on NEWSLINKER and follow our news on Telegram, Facebook, Twitter, and Coinmarketcap.
Disclaimer: The information provided in this article is not investment advice.