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Gate Square New & Returning Creator Rewards are ongoing!
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Here’s When Bitcoin (BTC) Price Will Hit $70K. [色]
Popular cryptocurrency analyst Crypto Capital Venture has raised the possibility of Bitcoin facing a period of consolidation, with the price not surpassing $48,000 before the anticipated halving in April 2024. The analysis dives into historical data and chart patterns to present a case for this scenario.
The analyst begins by pointing out the widespread desire for Bitcoin and the broader crypto market to continue its upward trajectory. However, a cautious tone is set as the analyst suggests a strong likelihood of Bitcoin not breaking the $48,000 barrier soon.
The analysis focuses on Bitcoin’s chart patterns, referencing a rejection at the 618 Fibonacci level. Despite a recent breakout from a rising wedge with a target around $70,000, he suggests a pullback to the 618 Fibonacci level could be in the cards. This rejection level has historical significance, particularly in the lead-up to the Bitcoin halving events.[得意]