Bitcoin Closes In On $70,000: Is This The Rally To A New All-Time High?
Portfolio Pulse from Khyathi Dalal
Bitcoin is nearing $70,000, with indicators suggesting a potential rally. Analyst Caleb Franzen notes a momentum shift that historically led to significant gains. Despite potential election volatility, long-term fundamentals remain unaffected. Bitcoin's bullish trend is expected to continue if prices stay above $62,000.
October 28, 2024 | 8:13 pm
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Bitcoin is approaching $70,000, with a momentum indicator suggesting a potential rally. Analyst Caleb Franzen highlights a shift from oversold to overbought territory, historically leading to significant price gains. Despite potential election volatility, long-term fundamentals remain strong.
The article highlights a significant momentum shift in Bitcoin's 16-week Williams%R indicator, which has historically led to substantial price increases. This suggests a potential rally, especially as Bitcoin approaches $70,000. Despite potential short-term election volatility, the long-term outlook remains positive, with technical factors and broader geopolitical events being more influential.
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