Bitcoin (BTC) is currently displaying positive signs to those who wish to enter the market or hold onto their coins for the next cycle, according to crypto analyst Tedtalksmacro. In his tweet, he notes that Bitcoin has made its first higher-highs (HH) since November 2021 and first higher low (HL) since January 2022 on the weekly chart. He also debunked the myth that BTC would dip back into the $24k region, stating that the market structure has well and truly shifted.
BTC opened the market at $28.02k and fell below this price in the first few hours of trading. Throughout the week, BTC consolidated within the $27.10k to $28k range until the bears pulled the coin down further. As such, the coin sank to a low of $26.62k in the late hours of the fourth day.
However, on the fifth day, BTC began trading above its opening market price and reached a maximum price of $29.13k. Based on the chart, BTC seems to be following a similar pattern to its fluctuating pattern in late 2020. Consequently, there is a possibility that BTC could hit Resistance 2 at around $57.6k, or it could hit Resistance 1 and consolidate between $37k and $44k, if it continues on this path. But if BTC gets caught in the clutches of bears, it may land on Support 1 around $16k or Support 2 at around $8.25k.
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So, what factors could contribute to the rise or fall of BTC in the future?
One possible factor is the adoption of cryptocurrencies as payment methods. Cryptocurrencies have emerged as an alternative payment method in recent years, and this trend is likely to continue. The adoption of cryptocurrencies as a payment method could increase the demand for BTC, leading to a rise in its price.
Another factor is the supply of BTC. Unlike fiat money, the supply of BTC is limited, with a maximum of only 21 million coins. This scarcity makes it more valuable and could cause its price to rise. Moreover, the recent halving event has reduced the supply of new coins, which could also drive the price up in the long term.
The regulatory environment is also an important factor that could impact the price of BTC. Cryptocurrencies operate outside the jurisdiction of governments and financial institutions. However, regulatory policies on cryptocurrencies have been gradually introduced by governments globally, which could have an impact on the adoption and growth of cryptocurrencies, including BTC.
Lastly, investor sentiment can also play a significant role in the rise or fall of BTC. BTC investors and traders’ confidence can largely influence its price. If investors feel positive about the near-term future of BTC, they are likely to invest more, which could push up the price.
In conclusion, the crypto analyst’s statement suggests that BTC is displaying positive signs and could rise in price in the future. However, investors should always do their research and due diligence and understand the potential risks in the market. Overall, the future of BTC is unpredictable, and its price could fluctuate constantly because of various factors.
