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Bitcoin Is at Bottom & Bull Cycle Will Begin November 2023, According to This


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Gamza Khanzadaev

Bitcoin is way from new bull cycle, says outstanding crypto analyst

On the finish of June a well-known crypto dealer and analyst recognized on Twitter as “Trader_J” presented his vision of crypto market growth for the following yr and a half, and a month later it may be stated that his forecast got here true.

Rebounding on the native backside precisely as offered within the dealer’s chart, Bitcoin quotes managed to interrupt away from the $20,000 vary and steadily rushed upward. Nonetheless, regardless of the rise, the analyst expects one other decline to retest the $19,000 help zone. Within the medium time period, after an extended decline, Bitcoin is anticipated to rise to the $40,000 mark, which is a robust resistance stage. If the rebound is executed, an accumulation section will start, the place the worth will fluctuate within the vary of $33,000-$19,000, and when BTC types a bullish accumulation sample, we may even see a brand new bull run.

What’s fascinating concerning the dealer’s forecast is the educational nature of the evaluation. That is roughly what a bear market ought to appear to be — a rebound, an extended and tedious accumulation and a pointy rise.

Present state of crypto market

As of now, Bitcoin got here close to the $24,700 mark at one level. Nonetheless, yesterday’s try to interrupt out and consolidate ended with the worth returning to $23,600. It is rather troublesome to say what to anticipate regionally. Each the client and the vendor are robust. Most definitely, the market is ready for the opening of the SPX 500, which units the course of the final weeks. 

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The primary occasion stays a consolidation above the 200 WMA. It is usually value noting that the weekly and month-to-month candle closes as we speak, so the market may very well be stormy.





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