The post Bitcoin Price Analysis: Analyst Observes Strong Correlation with November 2022 Fractal, Foresees Breakout appeared first on Coinpedia Fintech News
In the past two weeks, Bitcoin’s price has managed to cling onto its support level at around $29.1k, with occasional dips below $29k in highly volatile sessions. After reaching its peak for the year on July 13, following the SEC vs. Ripple case ruling, Bitcoin has been on a downward trajectory, leading many traders and analysts to adopt a bearish stance in the short term.
They anticipate a potential recovery only upon retesting a macro-rising trendline. However, amidst this cautious sentiment, some crypto analysts have retained optimism about a possible Bitcoin revival in the coming days.
Crypto Analyst Jelle’s Take on Bitcoin Price Action
One such optimistic voice is crypto analyst Jelle, who suggests that Bitcoin’s price action may be mirroring a similar fractal trading pattern to the one observed after the November 2022 consolidation. During that period, Bitcoin experienced a substantial breakout, propelling its value towards $30k.
Jelle argues that if the current price action continues to follow this fractal setup, we might witness another significant breakout over the weekend. In the short term, Jelle expects Bitcoin to surpass its former resistance level and reach $32.8k. However, it is essential to note that this scenario could be invalidated if the falling trend persists in the coming days.
Mid-Long Term Outlook: Waiting for the Halving Event
Regarding the mid-long term, Jelle foresees Bitcoin’s price consolidating until after the next year’s halving event. The upcoming halving, which is expected to occur at a later date, has been a historic trigger for macro crypto bull rallies in the past. Hence, Jelle believes that this event could be the catalyst for the next significant price surge in the cryptocurrency market.
Throughout this uncertain period, Jelle emphasizes that any purchase made below $30k has the potential to yield profitable returns in the coming years. This advice is geared towards investors with a long-term perspective, who might see the current market conditions as an opportunity to acquire Bitcoin at a relatively low price.
Conclusion
With Bitcoin’s price showing resilience at the $29.1k support level and analysts expressing contrasting viewpoints, the cryptocurrency market remains uncertain. While some traders remain bearish in the short term, others like Jelle continue to hold a more optimistic outlook, pointing towards potential breakouts and long-term gains. As the market progresses, investors and traders will keep a close eye on the price action to ascertain the cryptocurrency’s next move.