Bitcoin Price Prediction: Buy, $74k Soon as Hash Ribbon Indicator Signals? Explosive Moves Ahead?
Bitcoin Price Prediction
Using his most recent research, analyst Josh of Crypto World verified that there is still a longer bull market for bitcoin. The price is also confirming a new short-term signal that is worth watching, according to the expert, who also noted that a buy signal for Bitcoin has just been verified on the Bitcoin chart.
Following the moving averages of the Bitcoin hash rate, the hash ribbons indicator has simply gave a purchase signal flare. These moving averages have historically crossed, signalling a strong resurgence of miners and a solid buy recommendation.
There has only been one appearance of this purchase signal in the last year. It has surfaced three times in the past two years, and each time there has been bullish price activity. For example, the signal signalled the conclusion of a bear market and sparked a rally in August 2022. This buy signal has now reappeared, indicating the possibility of further positive price action in the near future.
Market Hesitancy and Crucial Amounts With Trump’s impending remarks regarding Bitcoin, expect some turbulence. Bitcoin has temporarily recovered from the $63,000–$64,000 support range. Should the daily candle close higher than $68,300, this indicate that the positive trend will continue. If this support is broken, the short-term bullish trend may come to an end.
There is resistance for bitcoin between $67,000 and $68,300. If this resistance is overcome, there may be a move towards the $72,000–$74,000 all-time high range. But there’s a chance for brief battles at this resistance, which could result in sideways consolidation or retreats.
There is a possibility for bullish continuation as evidenced by the confirmation of a new concealed bullish divergence. But it’s crucial to keep an eye on certain liquidity levels. Significant liquidity is present between $63,300 and $67,500–$69,000, which may have an impact on price changes.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source : Coinpedia