Lokesh Gupta
08-04-2024
#Bitcoin formed a base near the $65,000 level and rebounded by 11%, breaching the $70,000 mark.
Currently, Bitcoin shows positivity above the $72,000 resistance level and appears poised to breach $75,000.
The bullish pennant formation on the daily chart has been broken, indicating a bullish trend for $BTC.
A bullish reversal is evident on the daily chart, positioned above the 50-day Exponential Moving Average.
To sustain short-term upward momentum, Bitcoin must surpass the $74,000 resistance.
A breakout from the triangle formation suggests a bullish trajectory toward levels near $73,794 or even potentially $80,000.
Conversely, breaking below the pattern may lead Bitcoin towards the $60,000 mark.
Market sentiment is buoyant as Bitcoin's ascent coincides with crucial upcoming U.S. inflation data and #FOMC minutes.
Anticipation of heightened volatility looms with the approaching #Bitcoin halving.
According to Coin Gabbar analysis, Bitcoin #Price Prediction 2030 anticipates a surge to $250,000, while Bitcoin Price Prediction 2040 envisions a rise to $500,000.
KEY LEVELS :
RESISTANCE LEVEL : $73,800-$76,000
SUPPORT LEVEL : $70,000-$67,000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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