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Bitcoin Stability and Potential Bull Run
Bitcoin is currently experiencing a period of stability, with a well-regarded crypto analyst suggesting that the cryptocurrency is likely to maintain its current levels.
Historical Data Analysis
The analyst points to historical data, indicating that Bitcoin has not typically broken its re-accumulation range high so early in the post-halving period, nor has it lost its re-accumulation range low as support during this time. This historical precedence leads the analyst to believe that Bitcoin should be able to maintain its current position.
Potential Longer Bull Run
Additionally, the analyst notes that while Bitcoin’s current cycle started faster than previous ones, it has since slowed, potentially leading to a more typical and longer bull run.
Caution and Monitoring
The analyst also highlights the possibility of Bitcoin forming a downward channel pattern on the weekly chart as it retests the key $60,000 support level. This suggests that Bitcoin may be in the process of establishing a new pattern as it retraces, with the analyst urging caution and monitoring as the retrace develops.
Current Trading Status
At the time of writing, Bitcoin is trading at $61,898, representing a nearly 4% increase in the last 24 hours. This stability and potential for a longer bull run align with the analyst’s assessment of historical trends, providing insight into the potential trajectory of Bitcoin’s price in the near future.
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