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Bitcoin Run Over? Analyst Expects More Growth
Despite recent market turbulence and widespread speculation about Bitcoin's future, cryptocurrency analyst and trader Crypto Jelle has expressed optimism that BTC's bull run is far from over, suggesting it could rally further in the coming months.
Bitcoin's Strength Is Underrated
Crypto Jelle examines Bitcoin's consolidation and its relevance. After the fourth Bitcoin Halving event, many predict BTC to rise significantly. Due to price consolidation, the currency has not met community and crypto enthusiast expectations.
Crypto Jelle says these folks are underestimating Bitcoin's strength this cycle. Jelle noted that the Halving event was just a few weeks ago and that BTC has been consolidating around the preceding cycle's all-time highs for months, indicating a significant change from historical tendencies. Since the expert expects Bitcoin values to hit a 6-digit level soon, the bull run is still ongoing.
People underestimate Bitcoin's power this cycle. Although the halving event occurred weeks ago, we've been consolidating around cycle ATHs for months. This run continues. Bring 6-figure BTC.
Jelle says bull market pullbacks are necessary to eliminate euphoria and greed, referring to recent price declines. After weeks of Bitcoin dropping, especially by 23%, market excitement has faded, and bullishness is now considered bold.
Thus, Crypto Jelle emphasizes that the crypto community's faith in the market during difficult times might boost this market.
A crypto expert noted that Bitcoin trades in a 7-year-old channel. If current post-Halving consolidation follows prior tendencies, the analyst expects BTC to reach $100,000 if it breaks out of the 7-year channel.
BTC Price Action Is Positive
Crypto Jelle found certain signs that suggest BTC's price behavior today is excellent. Jelle saw a bullish MACD cross below the zero line on the 100-day Exponential Moving Average , signifying the first higher low in a while. As Bitcoin nears its complete reset, its price seems good.
