{"id":607819,"date":"2024-05-14T01:00:19","date_gmt":"2024-05-14T01:00:19","guid":{"rendered":"https:\/\/wncen.com\/?p=607819"},"modified":"2024-06-11T14:45:46","modified_gmt":"2024-06-11T14:45:46","slug":"are-we-out-of-the-woods-analyst-bullish-on-bitcoins-6-figure-future","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/are-we-out-of-the-woods-analyst-bullish-on-bitcoins-6-figure-future\/","title":{"rendered":"Are We Out Of The Woods? Analyst Bullish On Bitcoin\u2019s 6-Figure Future"},"content":{"rendered":"

Bitcoin (BTC) began the month with the deepest retrace of the cycle, falling to the $56,000 support level. The retrace raised alarms for some crypto investors and market watchers, who feared the bull run had ended.<\/p>\n

Since then, the largest cryptocurrency by market capitalization has recovered crucial levels, and analysts have identified bullish patterns on BTC\u2019s chart, suggesting that it might finally be out of the woods.<\/p>\n

Is Bitcoin Out Of Danger?<\/h2>\n

As the May 1st retrace developed, crypto analyst Rekt Capital highlighted<\/a> the similarities between Bitcoin\u2019s 2016 and 2024 post-halving performances. He suggested that the flagship cryptocurrency’s price development\u00a0came \u201cas no surprise,\u201d as it was mirroring the \u201cpost-Halving Bitcoin Danger Zone\u201d of 2016.<\/p>\n

Per the analyst, the \u201cDanger Zone\u201d is officially<\/a> over, which BTC is \u201ccelebrating with a good bounce from the Re-Accumulation Range Low support.\u201d He stated<\/a> that May could be an \u201cunremarkable\u201d month for the largest cryptocurrency, potentially continuing next month. However, Bitcoin is \u201crunning out of unremarkable months\u201d before the beginning of this cycle\u2019s \u201cParabolic Phase.\u201d<\/p>\n

Additionally, Rekt Capital considers that BTC\u2019s sell-side momentum is starting to show signs of slowing down, \u201cslowly developing a curl against the $60,000 support.\u201d Per the post, Bitcoin must continue to hold this support zone for the curl to \u201cprogress and eventually lift up.\u201d<\/p>\n

$\"bitcoin\"$ <\/p>\n

BTC's curl pattern developing. Source: Rekt Capital<\/a><\/pre>\nSimilarly, analyst Bluntz identified<\/a> a bullish engulfing pattern on Thursday, considering there would be \u201ca solid engulfing on the daily close.\u201d To the analyst, it appeared that the \u201cnext push-up into ATH has started.\u201d<\/p>\n
This morning, Bluntz confirmed the pattern formation and announced to his followers that this cycle\u2019s Round 2<\/a> began, which would lead to a \u201cfresh ATH.\u201d<\/p>\n
BTC\u2019s Strength Could Lead The Price To 6-Figures<\/h2>\nFollowing the bullish analysis, CryptoJelle stated that BTC \u201cis looking good.\u201d Per his post, the cryptocurrency \u201chas nearly completed a full reset,\u201d as it\u2019s back to the 100-day Exponential Moving Average (EMA).<\/p>\nAdditionally, the chart displays<\/a> a \u201cbullish MACD cross\u201d below the zero line and the \u201cfirst higher low in a long time,\u201d suggesting a positive divergence.<\/p>\n
Jelle highlights that BTC\u2019s price is again pushing into the trendline that \u201chas pushed prices lower over the past weeks.\u201d Despite the higher low, he points out the necessity of reclaiming the $63,000 support zone before new highs come.<\/p>\n
For these new highs, he set an $82,000 target for BTC\u2019s price, suggesting that a 6-figure price for the flagship cryptocurrency is possible during this cycle.<\/p>\n
\n#Bitcoin<\/a> is pushing into the trendline that has pushed prices lower over the past weeks — once again.<\/p>\n
Looks like a higher low has been put in, but we still need to break $63,000 convincingly.<\/p>\n
Chop city until that happens. <\/p>\n
Stick to the plan. pic.twitter.com\/ClTuv8QmhO<\/a><\/p>\n
— Jelle (@CryptoJelleNL) May 13, 2024<\/a><\/p><\/blockquote>\n