2024-5-5 11:15 |
According to crypto analysts and traders, Bitcoin’s bullish trend is likely to persist as long as certain key technical structures remain intact. One trader known as “Mags” on X (@thescalpingpro) argues that the current consolidation above Bitcoin’s all-time high is a bullish sign, suggesting a potential continuation of the upward momentum.
Mags explains that in a strong uptrend, price consolidation within a narrow range often forms patterns like flags or rectangles, which typically lead to upside breakouts and act as continuation patterns. However, if the price consolidates and breaks down, failing to reclaim the previous highs, it could signal distribution rather than re-accumulation, potentially leading to a deeper retracement.
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Show more +Show less –Using chart examples, Mags illustrates two scenarios: consolidation breakdown (distribution) and consolidation breakout (re-accumulation). In the distribution scenario, the price breaks out above the previous all-time high but fails to hold, leading to a deeper retracement. Conversely, in the re-accumulation scenario, the price breaks out and consolidates before continuing its upward trajectory.
Applying this analysis to Bitcoin, Mags notes that the current consolidation above the all-time high could be either re-accumulation or distribution. However, if Bitcoin manages to reclaim the $60,000 area before the weekly close, despite intraday wick breakdowns, it would likely indicate a re-accumulation phase, setting the stage for another leg up. Only a weekly close below the all-time high would be considered bearish and could potentially delay the continuation of the bull run for a few months.
Read Also: This Adam and Eve Pattern Breakout Reveals Hedera (HBAR) Next Price Direction as FLOKI Gears for +100% Upside
Another trader, Trader Tardigrade (@TATrader_Alan), presents a bullish case for Bitcoin, suggesting that the cryptocurrency may never close below $56,000 again. According to their analysis, Bitcoin has historically never dropped below the low of the monthly candle during the halving cycle. With the fourth halving’s monthly candle low at $56,000, Trader Tardigrade argues that Bitcoin is likely to continue its upward trajectory from this level.
Adding to the bullish sentiment, crypto influencer Lark Davis (@TheCryptoLark) highlights that spot Bitcoin ETFs have finally ended their streak of outflows. On a recent day, inflows totaled $378.3 million, with Grayscale alone bringing in $63 million, marking the largest day of inflows since March 26th.
While past performance is no guarantee of future results, these analysts’ perspectives suggest that Bitcoin’s bullish momentum could continue, provided key technical structures remain intact and inflows into Bitcoin investment products persist.
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The post Bitcoin Will Remain Bullish as Long as This Consolidation Structure Holds: Why BTC May Never Close Below $56k Again appeared first on CaptainAltcoin.
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