According to analyst Justin Bennett, Bitcoin is preparing to accelerate to dwarf the rest of the crypto market.
Bennett says Bitcoin’s dominance (which compares BTC’s capitalization to the rest of the market) is just above strong support. At the same time, Bitcoin is trying to break through an important point of resistance.
“This is where Bitcoin could begin to overtake altcoins. No wonder BTC is making a major breakout at USD 64,000 while BTC.D has just entered the support zone. “
The source: Justin Bennett
The analyst says that if Bitcoin can convincingly secure a position above $ 63,700, the price will maintain upward momentum towards the ATH. Based on his chart, Bennett noticed that BTC had just broken out of a descending channel.
“BTC is testing $ 63,700. If we break that, the price will drop to $ 67,000 and a new all-time high. “
The source: Justin Bennett
The strategist also tracks the fractal (a pattern of price movement that sometimes repeats itself over time) from 2017. According to him, Bitcoin continues to repeat the fractal from 2017, which signals a hit of $ 80,000 over the next 2 weeks.
“The 2017 BTC fractal repeats exactly from June. Currently, it could hit $ 80,000 in the next two weeks, followed by a drop to $ 65,000 in mid-November. Then it rose to over $ 100,000 in December. “
The source: Justin Bennett
Meanwhile, well-known market analyst TechDev emphasized that the monthly relative strength index (RSI) is expected to rise to the historical resistance that marks the high point of previous Bitcoin bull cycles. The RSI is an indicator that tracks the dynamics of an asset.
“The highest month-end in history. Happy Bitcoin and congratulations to you all. We are now moving towards the second monthly RSI high, as we have done on any previous cycle. Not at the top yet. Trust the indicators. “
The source: TechDev
At the time of writing, Bitcoin is trading at $ 63,158, according to CoinGecko.
Comparing the price performance to November 2017, TechDev suggests that Bitcoin appears ready to begin the next phase of its bull cycle.
“Tageschart says get ready for November.”
The source: TechDev52
When it comes to altcoins, TechDev has a very different view. He believes altcoins will start a monumental rally towards the end of 2021. He claims that the altcoin market is currently mirroring the price movement of the 2017 bull cycle.
“Think about what’s coming for your altcoins. You’ve never seen anything like it. “
The source: TechDev
If the altcoin market follows TechDev’s scenario, it could soar to $ 7 trillion in early 2022 before a catastrophic correction.
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Minh Anh
According to AZCoin News
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