Bitcoin Trying to Built a Strong Bottom at $61,000; Can the Traders Expect a Bullish Quarter Ahead?
The post Bitcoin Trying to Built a Strong Bottom at $61,000; Can the Traders Expect a Bullish Quarter Ahead? appeared first on Coinpedia Fintech News
The Bitcoin price is trading at critical levels and continues to maintain significant strength. This has raised hopes for a bullish close for the year’s first half, which can be considered a crucial one. The price was displaying strength but the rounds of MT. Gox dumping billions worth of BTC into the markets, the FUD trade played out well. Moreover, the miner’s reserves, which were slashed to their lowest level,l also supported the bearish narrative.
The BTC price is reciprocating a similar price action and consolidating on the exact symmetrical spot. The current consolidation zone has historically been the preparation of a massive bull run, which is an aggressive-parabolic rally. The cycle bottom-to-bottom time range is fairly consistent to 1400 days and has been the bottom-to-top of the last two to 1064 days.
Therefore, a price break above the cyclical lower highs in February results in the formation of higher highs from the current range. In such a case, where will be the BTC highs for the current cycle?
Source: Tradingview
The above chart displays the historical moves of the BTC price, which possesses a similar trend. According to the chart, the highs of the start token could be somewhere around the $150,000 to $300,000 range; however, the most important thing is to time it as closely as possible. While the historical pattern suggests a massive breakout, it would be interesting to witness that the price may replicate the pattern or form a new one with a substantial plunge.
The Bitcoin ETF witnessed $73 million inflows the previous day, which is the 4th straight day of inflows. Previously, BTC price consolidated well within the critical level by holding strong and initiating a massive breakout from levels around $25,000 to as high as $74,000. If a similar trend plays out well, then Bitcoin may begin with a fresh bullish spell to mark a new ATH above $100K in the later part of a year.
