2023-10-7 00:00 |
Over the past week, Bitcoin price has displayed a notable bullish momentum. This comes after a prolonged consolidation phase during which the leading cryptocurrency remained stagnant below the $27,000 mark for an entire month.
However, with the recent breakout and the resurgence of bullish sentiment in the market, experts are now predicting a potential surge that could propel Bitcoin’s price above $30,000.
Bitcoin Price Bullish Momentum ContinuesTechnical analyst Gert Van Lagen highlights a significant breakout from a long-term descending channel, signifying the end of a corrective wave and paving the way for a parabolic surge in Wave 5.
Gert Van Lagen emphasizes the monumental breakout of a 2.25-year descending channel, marking the end of an expanded flat corrective wave 4.
The channel, determined by the green dots, has contained the ABC correction of wave 4. With wave five on the horizon, breaking 10% above the channel, around $30,000, is expected to trigger a parabolic surge.
Notably, Gert believes that wave 5, a “blow-off wave,” may exhibit steep growth, with the final impulse indicating a significant upward movement.
While the potential for further upside gains is promising, remaining aware of key considerations and potential invalidation points is crucial. In this context, paying attention to $13,800 would be essential, as the invalidation point lies when wave four falls below wave 1.
Bitcoin-Gold Ratio IndicatorProminent figures in the crypto analytics industry, the co-founders of Glassnode, have expressed their belief in Bitcoin’s potential to reach six figures. Drawing attention to the BTC-Gold ratio, they suggest that Bitcoin could rise to approximately 98 times the price of Gold.
The BTC-Gold ratio serves as a critical metric for understanding the relative performance and value of Bitcoin compared to Gold. Analyzing this ratio, the Glassnode analysts note several positive indicators suggesting a Bitcoin price surge.
The rising RSI (Relative Strength Index) and its position above 50 indicate increasing buying pressure and positive momentum. Additionally, the bullish MACD (Moving Average Convergence Divergence) crossover and a rising trend reinforce the bullish sentiment surrounding Bitcoin.
Using Fibonacci extensions provides further insight into potential price levels for Bitcoin. These extensions, derived from mathematical ratios, are often used to identify price targets during upward trends.
Based on the analysis, the Fibonacci extensions suggest that Bitcoin could reach valuation levels around $120,000, while Gold maintains a price of around $1,200.
The Glassnode co-founders’ analysis fuels optimism within the crypto community. Bitcoin’s potential for six-figure valuations could attract more investors and solidify its status as a digital store of value.
The predicted surge in Bitcoin’s price would likely have a ripple effect, generating increased interest and investment in the broader cryptocurrency market.
When writing, BTC is trading at $27,900, just below the significant psychological level of $28,000. This level currently represents a crucial threshold for bearish sentiment towards BTC.
BTC must maintain support at the $27,000 level to sustain its bullish momentum. By surpassing the current resistance line at its current trading level, BTC can reclaim the $30,000 mark and set its sights on the annual high of $31,800.
This upward movement could position the cryptocurrency to challenge the 1-year resistance level at $39,000, with the potential for consolidation above the $40,000 mark.
Featured image from Shutterstock, chart from TradingView.com
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