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Bitcoin (BTC) is “Entering the First Bull Phase,” Top Analyst Says
Riding on the current outlook of broader market, Bitcoin (BTC) is displaying signs it is entering its next bull phase, top analyst says
Top market analyst Michael van de Poppe is optimistic about the state of the crypto market with Bitcoin (BTC) showing strength as it displays a sequence that reflects a repeat of its historic rally. The gain accrued by the premier coin has been mind-blowing Year-to-Date (YTD). With Bitcoin trading at just about $15,000 by this time last year, its current price of $37,001.74, a 124% surge YTD spells one key factor, that it is finally entering the first phase of the next bull cycle.
Highlighting Current Bitcoin (BTC) Positioning
Drawing on a chart shared by the top analyst, Bitcoin (BTC) price moves in a repeated sequence marked by 1 year in which the coin experiences intense bearish pressure, then another year of intense accumulation, followed by a year defined by a bull phase and the last cycle culminating in a mania that can eventually send prices going parabolic.
Per the chart shared above, Bitcoin is currently entering the 1 year of the bull phase as marked by the purple box. Many analysts agree that the time is right for Bitcoin as we have seen a consistent accumulation over the past year with the likes of MicroStrategy doubling down on its Bitcoin strategy.
The analyst is optimistic that with the likelihood of Bitcoin spot ETF approval by the SEC as well as the upcoming halving event, the market might truly be plunged into the mania phase that will see Bitcoin retest its All-Time High (ATH) in the coming months.
Besides Michael van de Poppe, several industry experts have also predicted a massive price target for Bitcoin ahead of Bitcoin ETF and the once-in-4-year halving event.
BTC: $ 34,400 ETH: $ 1,800 BITCOIN DOMINANCE 53.86% TOTAL MARKET CAP $ 1.24T Crypto Fear & Greed Index: 68
📊First of all, BTC keeps above the broken weekly level, so the priority remains bullish. The main condition for the continuation of the upward movement remains a breakthrough with a gain above $ 35,000.
From below, there is daily support in the area of $ 33.070, from which an upward setup can be built. A correction to $32,000 will be tolerable, but a decline below may break the upward structure.
BTC is currently following the symmetrical triangle pattern on the hourly timeframe. It is trading within the Ichimoku cloud, indicating indecisiveness.
The 100-day MA acts as a resistance point. A final breakout of the triangle will confirm a bullish trend, while a sustained break will signal a bearish move.
Introducing Memecoin (MEME) on Binance Launchpool! Farm MEME by Staking BNB, TUSD and FDUSD
Binance Launchpool is excited to announce the launch of Memecoin (MEME), the native ecosystem token of Memeland. From October 28 to November 26, users can stake BNB, TUSD, and FDUSD to farm MEME tokens over 30 days.
Memecoin is a community-driven project that aims to bring the humor and culture of internet memes to the cryptocurrency world. Memeland is a Web3 venture studio that will support the development of Memecoin and other meme-related projects.
To participate in the MEME farming event, users must first stake their BNB, TUSD, or FDUSD in the corresponding pool on the Binance Launchpool website. Once staked, users will begin earning MEME rewards immediately. The rewards will be distributed on a daily basis.
At the end of the farming period, all staked tokens will be returned to users, along with their MEME rewards. MEME will be listed on Binance on November 3, 2023 and open trading with MEME/BTC, MEME/USDT, and MEME/BNB trading pairs.
This is a great opportunity for users to earn MEME tokens before they are listed on Binance. To learn more about the MEME farming event and how to participate, please visit the Binance Launchpool website.
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