Bitcoin Fractal Repeats: Prepare For A Rally To $60,000, Says Analyst
Portfolio Pulse from Murtuza Merchant
Crypto expert Credible Crypto has drawn parallels between Bitcoin's current market structure and its performance before its all-time high in November 2021, suggesting a potential bullish trajectory. The analyst believes that the primary objective in both scenarios is re-accumulation, given the identical technical contexts. He remains optimistic about Bitcoin reaching new all-time highs this year. However, if Bitcoin's price drops below $24.8k, the analyst suggests a re-evaluation of the market stance. Meanwhile, the overall cryptocurrency market has experienced a significant drop, with leading digital currencies such as Ethereum, Ripple, Solana, Dogecoin, and Shiba Inu seeing their values decrease.
August 21, 2023 | 6:00 pm
News sentiment analysis
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NEGATIVE IMPACT
Dogecoin has seen its value decrease by 15.5% in the past week.
The overall cryptocurrency market has experienced a significant drop, with Dogecoin's value decreasing by 15.5% in the past week.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Ethereum has seen its value decrease by 9% in the past week.
The overall cryptocurrency market has experienced a significant drop, with Ethereum's value decreasing by 9% in the past week.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Shiba Inu has seen its value decrease by 22% in the past week.
The overall cryptocurrency market has experienced a significant drop, with Shiba Inu's value decreasing by 22% in the past week.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Solana has seen its value decrease by 12.5% in the past week.
The overall cryptocurrency market has experienced a significant drop, with Solana's value decreasing by 12.5% in the past week.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Ripple has seen its value decrease by 16% in the past week.
The overall cryptocurrency market has experienced a significant drop, with Ripple's value decreasing by 16% in the past week.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Analyst suggests potential bullish trajectory for Bitcoin, with a possible rally to new all-time highs. However, a drop below $24.8k would necessitate a re-evaluation.
The analyst's prediction is based on the current market structure of Bitcoin, which closely resembles its stance before its all-time high in 2021. This could potentially lead to a bullish trajectory for Bitcoin.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 100