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February 22, 2024
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Bitcoin Trying to Hold Above $29,000; Is Another 20% Rally on the Way?

The post Bitcoin Trying to Hold Above $29,000; Is Another 20% Rally on the Way? appeared first on Coinpedia Fintech News

Ever since the star crypto has risen beyond the threshold, it is displaying huge potential for holding a fine rally towards the north, regardless of the bearish interference. Despite the recent pullback, Bitcoin seems to be preparing for the next bullish breakout that may lift the price beyond the crucial resistance at around $31,330. 

In an interesting update, long-term holder capitulation is considered the best indicator to determine the lows of the cycle. The indicator is flashing bullish signals for the Bitcoin price rally as the weak hands of long-term holders were shaken out of the market. Now that history is repeating itself, yet another bullish breakdown may be expected in the coming days. 

The above chart displays the realized losses of long-term holders during the market bottom. Previously, the weak long-term holders were wrecked, and a similar situation appears to have repeated itself presently, which indicates the bottom of the bear market has been reached. Hence, the upcoming swing may be in favor of the bulls, as the price appears to be poised to reach the targets beyond $32,000 very soon. 

Yet another reason for the Bitcoin rally beyond $32,000 is the price itself trading within an ascending triangle. The pace of the price fluctuation has dropped miserably as the token has advanced towards the apex. Therefore, yet another bullish breakout may make its way out that may lift the price by a minimum of 20%. 

The BTC price has now formed the 5-wave pattern and completed the ABCD wave, and hence appears to be primed to drop towards the lower support to reach the last leg of the wave. From this point, one can expect a significant bounce towards the much-anticipated milestone above $32,000. 

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