Through bullish spikes and bears, cryptocurrency analysts have always made their predictions on where the price of a cryptocurrency like Bitcoin might end up. For the most part, this is the norm, but one analyst delved deeper into the coin to provide an in-depth analysis of Bitcoin’s bullish rally. The analysis touches on multiple indicators, as well as the widespread acceptance that Bitcoin has recently gained.
Bitcoin price reaches $70,000
The analysis shared on TradingView shows a different side of the market that has not been exploited before. The analyst who uses the name ArShevelev identifies the period between March and August as the “stealth phase,” which is when most of the accumulations likely occurred.
After that, the cryptocurrency entered the “EW Channel” which appeared to be a retracement point for the rally. From here, it was easy to climb above the $34,000 level. But this is where things start to get interesting.
At this level, the analyst expects the price to decline. This pullback from $34,000 takes the price down to the $31,000 level before it starts rising again. The end of this retest leads to the top of the third wave where the price reaches the high of $50,000, before another pullback occurs again.
This brought the price back to the $35,000 level again to mark the fourth wave before it bounced back into the fifth wave. Now, at this point, the analyst sees “media interest” entering the game (presumably through mainstream and traditional financial media), and the rally from this level reaches the $70,000 mark.
Roadmap to BTC at $70,000 | Source: Tradingview.com
Factors that drive momentum
Cryptocurrency analyst presents seven key factors behind Bitcoin’s expected momentum leading to a bull market. For starters, the first is the same one everyone expects – the great Bitcoin halving. This event is undoubtedly the most bullish in Bitcoin history and a repeat of it is expected to launch a bull market.
Next on the list is the impulse structure and ascending channel where the analyst believes that BTC price “paints a compelling picture on the daily time frame.” This leads to third wave speculation as previously explained above. The analyst believes that the market is in the third wave, with the fourth wave representing a decline and the fifth an advance above $70,000.
Fourth on the list is the Wyckoff accumulation pattern where Bitcoin is really showing its strength. Then there is the supply pressure of Bollinger Bands, which have fallen to 2014 levels. “This scarcity underscores Bitcoin’s growth potential, and acts as a strong indicator for investors,” says ArShevelev.
The sixth factor is historical comparisons where current price action is compared with previous market trends. The 2023 bear market looks more like the 2015 bear market as the analyst points out, and this could see an almost 100% jump in price as it did in 2015. This would put the price of Bitcoin above $50,000.
Last but not least, there is institutional interest, which has been on the rise recently. Mostly, this has been driven by excitement around BlackRock, the world’s largest asset manager, which has filed for the Spot Bitcoin ETF and potentially brought Bitcoin into its $8 trillion-plus portfolio.
ArShevelev explains that the Spot Bitcoin ETF “promises to be a game-changer” due to its ability to connect TradFi to cryptocurrencies and allow more money to flow into Bitcoin. “The emergence of the ETF not only means regulatory recognition, but also calls for a wave of retail participation,” the cryptocurrency analyst said. “The expectation is that as we head into the holiday season, institutional investors will fuel this upward trajectory.”
BTC falls to $34,398 | Source: BTCUSD on Tradingview.com
Featured image of Crypto Basic, chart from Tradingview.com