Bitcoin Undergoes Necessary Correction to Enhance Chart Appeal, Crypto Trader Affirms on TradingView News
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The cryptic market commentator known as Stockmoney Lizards recently shared insights on Bitcoin‘s performance post-Halving. Their stance remains steadfastly optimistic, despite a period of price stabilization.
Event Snapshot: Through a series of informative tweets, Lizards projected confidence in Bitcoin’s future value, suggesting that despite a present downturn – possibly bottoming out near $50,000 – this represents merely a dip within a larger bullish trend.
“Whether you label it a triple top or a Wyckoff distribution, Bitcoin is facing a downturn, but… we’re convinced it’s a temporary phase,” Lizards advised, drawing from historical trends seen after past Halving incidents which also included phases of price consolidation before bullish momentum resumed.
Lizards rationalized the recent bearish phase pointing to several contributing factors, including geopolitical tensions, fears of a recession, inflation, and a diminishing appetite for ETFs, all occurring following a notable 300% climb.
The conviction of Lizards in Bitcoin’s bullish future is underpinned by factors such as the one-year simple moving average flashing significant ‘buy’ signals and robust support levels held at $60,000, $56,000, and $52,000 – the last aligning with the 61.8 Fibonacci Retracement level.
7/x
…the hefty liquidity in the mentioned zone is noteworthy. Additionally, as shown above, we meet the 61.8 Fib Retracement, the ‘golden pocket’, which is likely to act as a resistance zone. pic.twitter.com/dPwl9yClVd
Expectations of increased buying pressure buoy Lizards’ predictions following the introduction of a new Hong Kong ETF, which is anticipated to boost Bitcoin valuations.
Current Market Position: At the moment, Bitcoin is positioned at $62,482, seeing a 2% decline over the last day, though trading volumes are up 23%. The cryptocurrency has faced an 11% loss over the last month.
Further Reading: Dip in Bitcoin ETF Activity Seen as Short Pause, Not Downtrend: Bernstein Comments as BTC Dips
Unique Insights: With the latest IntoTheBlock data indicating a significant uptick in exchange inflows, reaching $1.3 billion on April 28 up from $657.72 million on April 27, and outflows hitting $1.34 billion, alongside a 2.3% rise in large transaction volume to $34.8 billion, there’s a push in overall market activity.
In the face of these challenging market movements, Stockmoney Lizards’ analysis presents a beacon of hope for Bitcoin enthusiasts, accentuating the importance of maintaining a long-term investment outlook and the potential for notable upward trends in the foreseeable future.
Lizards predicts that with mass adoption, increased institutional interest, and inflationary pressures acting as principal driving forces, Bitcoin’s value could soar past $200,000 by the second half of 2025, with even the possibility of surpassing $100,000 as early as 2024.
Looking Forward: The growth of Bitcoin as a major class of institutional investment will be a focal point for discussion at the Benzinga Future of Digital Assets event slated for Nov. 19.
Pro Tip: Maintaining a ‘zoom out and wait’ perspective during Bitcoin’s consolidation phase is advisable, according to one trading expert.
This content was partially generated using AI tools, reviewed, and brought to publication by Benzinga’s editorial team.
Artwork crafted through artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not offer investment advice. All rights reserved.
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