{"id":557640,"date":"2023-10-26T13:00:13","date_gmt":"2023-10-26T13:00:13","guid":{"rendered":"https:\/\/wncen.com\/?p=557640"},"modified":"2024-06-11T08:27:46","modified_gmt":"2024-06-11T08:27:46","slug":"bitcoin-roadmap-to-70000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-roadmap-to-70000\/","title":{"rendered":"Anatomy Of A Bull Market: The Bitcoin Roadmap To $70,000"},"content":{"rendered":"

Through bull and bear rallies, crypto analysts<\/a> have always given their forecast for where the price of a crypto like bitcoin might end up. Mostly, this is the norm, but one analyst has taken a deeper dive into the coin to give an in-depth analysis of Bitcoin\u2019s upward rally. The analysis touches on multiple indicators, as well as the widespread acceptance that BTC has been gaining recently<\/a>.<\/p>\n

Bitcoin Price To $70,000<\/h2>\n

The analysis shared on TradingView shows a different side of the market that has previously been untapped. The analyst who goes by ArShevelev identifies the period between March and August as the \u2018Stealth Phase\u2019, which is likely where most of the accumulation occurred.<\/p>\n

Related Reading: A Chance At Redemption: Analyst Puts MATIC Price At $1.5<\/a><\/div>\n

Next, the crypto<\/a> entered into the \u2018EW Channel\u2019 which looks like it served as a bounce-off point for the rally. From here, it has been an easy coasting upward reaching above the $34,000 mark. But this is where things start to get interesting.<\/p>\n

At this level, the analyst predicts a pullback in the price. This pullback from $34,000 sends the price falling back down to as low as $31,000 before the rally starts up again. The end of this retest leads to the top of the third wave where the price reaches as high as $50,000, before another pullback again.<\/p>\n

This sent the price back down to the $35,000 mark once more to mark the fourth wave before bouncing up again into the fifth wave. Now, at this point, the analyst sees \u2018Media Attention\u2019 entering the game (presumably mainstream and traditional finance media), and the lift-off from this level reaches the $70,000 mark.<\/p>\n

\"Bitcoin<\/p>\n

Roadmap to BTC at $70,000 | Source: Tradingview.com<\/a><\/pre>\n
Factors To Drive The Momentum<\/h2>\n
The crypto analyst presents seven major factors that are behind the predicted Bitcoin momentum leading into a bull market<\/a>. For starters, the first is the same as everyone expects – the almighty Bitcoin Halving<\/a>. This event is undoubtedly the most bullish in Bitcoin\u2019s history and a repeat of it is expected to kickstart the bull market.<\/p>\n
Next on the list is the Impulse Structure and Rising Channel where the analyst believes that the BTC price<\/a> is \u201cpainting a compelling picture on the daily timeframe.\u201d This leads to the Third Wave Speculation as already explained above. The analyst believes the market is in the third wave, with the fourth being a pullback and the fifth leading above $70,000.<\/p>\n
Fourth on the list is the Wyckoff Accumulation Pattern in which Bitcoin is already showing strength. Then there is the Bollinger Bands Width Squeeze which has dropped to 2014 levels. \u201cThis rarity accentuates Bitcoin’s growth potential, serving as a strong indicator for investors,\u201d ArShevelev says.<\/p>\n
Related Reading: Shiba Inu Burn Rate Falls 80%, Is It Time To Sell?<\/a><\/div>\n
The sixth factor is the Historical Comparisons where the current price action is compared to previous market trends. The 2023 bear market looks more like the 2015 bear market as the analyst points out, and this could see an almost 100% jump in price as it did in 2015. This would put the Bitcoin price above $50,000.<\/p>\n
Last but not least is Institutional Interest which has been on the rise lately. Mostly, this has been driven by the enthusiasm around BlackRock<\/a>, the world\u2019s largest asset manager, filing for a Spot Bitcoin ETF<\/a> and possibly bringing Bitcoin into its over $8 trillion portfolio.<\/p>\n
ArShevelev explains that a Spot Bitcoin ETF<\/a> \u201cpromises to be a game-changer\u201d due to its ability to bridge TradFi to crypto and allow more money to flow into Bitcoin. \u201cThe ETF’s advent not only signifies regulatory acknowledgment but also invites a wave of retail participation,\u201d the crypto analyst said. \u201cThe anticipation is that as we approach the holiday season, institutional investors will further solidify this upward trajectory.\u201d<\/p>\n
\"Bitcoin<\/p>\n
BTC falls to $34,398 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from The Crypto Basic, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Through bull and bear rallies, crypto analysts have always given their forecast for where the price of a crypto like bitcoin might end up. Mostly, this is the norm, but one analyst has taken a deeper dive into the coin to give an in-depth analysis of Bitcoin\u2019s upward rally. The analysis touches on multiple indicators, as well as the widespread acceptance that BTC has been gaining recently. Bitcoin Price To $70,000 The analysis shared on TradingView shows a different side of the market that has previously been untapped. The analyst who goes by ArShevelev identifies the period between March and August as the \u2018Stealth Phase\u2019, which is likely where most of the accumulation occurred. Related Reading: A Chance At Redemption: Analyst Puts MATIC Price At $1.5 Next, the crypto entered into the \u2018EW Channel\u2019 which looks like it served as a bounce-off point for the rally. From here, it has been an easy coasting upward reaching above the $34,000 mark. But this is where things start to get interesting. At this level, the analyst predicts a pullback in the price. This pullback from $34,000 sends the price falling back down to as low as $31,000 before the rally starts up again. The end of this retest leads to the top of the third wave where the price reaches as high as $50,000, before another pullback again. This sent the price back down to the $35,000 mark once more to mark the fourth wave before bouncing up again into the fifth wave. Now, at this point, the analyst sees \u2018Media Attention\u2019 entering the game (presumably mainstream and traditional finance media), and the lift-off from this level reaches the $70,000 mark. Roadmap to BTC at $70,000 | Source: Tradingview.com Factors To Drive The Momentum The crypto analyst presents seven major factors that are behind the predicted Bitcoin momentum leading into a bull market. For starters, the first is the same as everyone expects – the almighty Bitcoin Halving. This event is undoubtedly the most bullish in Bitcoin\u2019s history and a repeat of it is expected to kickstart the bull market. Next on the list is the Impulse Structure and Rising Channel where the analyst believes that the BTC price is \u201cpainting a compelling picture on the daily timeframe.\u201d This leads to the Third Wave Speculation as already explained above. The analyst believes the market is in the third wave, with the fourth being a pullback and the fifth leading above $70,000. Fourth on the list is the Wyckoff Accumulation Pattern in which Bitcoin is already showing strength. Then there is the Bollinger Bands Width Squeeze which has dropped to 2014 levels. \u201cThis rarity accentuates Bitcoin’s growth potential, serving as a strong indicator for investors,\u201d ArShevelev says. Related Reading: Shiba Inu Burn Rate Falls 80%, Is It Time To Sell? The sixth factor is the Historical Comparisons where the current price action is compared to previous market trends. The 2023 bear market looks more like the 2015 bear market as the analyst points out, and this could see an almost 100% jump in price as it did in 2015. This would put the Bitcoin price above $50,000. Last but not least is Institutional Interest which has been on the rise lately. Mostly, this has been driven by the enthusiasm around BlackRock, the world\u2019s largest asset manager, filing for a Spot Bitcoin ETF and possibly bringing Bitcoin into its over $8 trillion portfolio. ArShevelev explains that a Spot Bitcoin ETF \u201cpromises to be a game-changer\u201d due to its ability to bridge TradFi to crypto and allow more money to flow into Bitcoin. \u201cThe ETF’s advent not only signifies regulatory acknowledgment but also invites a wave of retail participation,\u201d the crypto analyst said. \u201cThe anticipation is that as we approach the holiday season, institutional investors will further solidify this upward trajectory.\u201d BTC falls to $34,398 | Source: BTCUSD on Tradingview.com Featured image from The Crypto Basic, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":557655,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,83361,3],"tags":[33424,428,89723,86213,656,679,1119,89185,1122,1144,78790],"class_list":["post-557640","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-btc","category-news","tag-33424","tag-bitcoin","tag-bitcoin-70","tag-bitcoin-bull-market","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nAnatomy Of A Bull Market: The Bitcoin Roadmap To $70,000<\/title>\n<meta name=\"description\" content=\"Through bull and bear rallies, crypto analysts have always given their forecast for where the price of a crypto like bitcoin might end up.\" \/>\n<meta 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Anatomy Of A Bull Market: The Bitcoin Roadmap To $70,000","url":"http:\/\/wncen.com\/news\/bitcoin-roadmap-to-70000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-roadmap-to-70000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-bull-1.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-bull-1.png?fit=624%2C351"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["000","bitcoin","bitcoin $70","bitcoin bull market","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2023-10-26T13:00:13Z","datePublished":"2023-10-26T13:00:13Z","dateModified":"2024-06-11T08:27:46Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Anatomy Of A Bull Market: The Bitcoin Roadmap To $70,000\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-roadmap-to-70000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-roadmap-to-70000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Bitcoin-bull-1.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Bitcoin-bull-1.png?fit=624%2C351\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"000\",\"bitcoin\",\"bitcoin $70\",\"bitcoin bull market\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2023-10-26T13:00:13Z\",\"datePublished\":\"2023-10-26T13:00:13Z\",\"dateModified\":\"2024-06-11T08:27:46Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-bull-1.png?fit=624%2C351","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/557640","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=557640"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/557640\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/557655"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=557640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=557640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=557640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}