The post Here’s When Bitcoin (BTC) Price Will Hit $70K appeared first on Coinpedia Fintech News
Popular bitcoin cryptocurrency analyst Crypto Capital Venture has raised the possibility of Bitcoin facing a period of consolidation, with the price not surpassing $48,000 before the anticipated halving in April 2024. The analysis dives into historical data and chart patterns to present a case for this scenario.
The analyst begins by pointing out the widespread desire for Bitcoin and the broader crypto market to continue its upward trajectory. However, a cautious tone is set as the analyst suggests a strong likelihood of Bitcoin not breaking the $48,000 barrier soon.
The analysis focuses on Bitcoin’s chart patterns, referencing a rejection at the 618 Fibonacci level. Despite a recent breakout from a rising wedge with a target around $70,000, he suggests a pullback to the 618 Fibonacci level could be in the cards. This rejection level has historical significance, particularly in the lead-up to the Bitcoin halving events.
Drawing parallels to previous market cycles, the speaker highlights instances where Bitcoin faced rejection at the 618 level before consolidating back down. The analysis then extends to the broader market context, referencing the S&P 500’s historical performance around Bitcoin’s previous consolidations. 
Pointing out data from June 2019 and June 2016, he suggests a pattern where Bitcoin consolidates as traditional markets, such as the S&P 500, reach all-time highs.
While hinting at the potential for Bitcoin to defy this historical pattern and experience a bullish breakout to $70,000, he remains cautious about the possibility of a downside scenario. In the event of a retracement, key support levels are identified in the $30,000 to $34,000 range, providing a potential area for Bitcoin to find stability before the halving.

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