The Slowing Pace of Bitcoin’s Upside Momentum: An Unconventional Perspective
Bitcoin’s recent bullish trend has been the talk of the town. Yet, an analyst from the platform X cautions that the ‘Bitcoin upside momentum’ may not maintain its current speed, a prediction grounded in Bitcoin’s logarithmic curves. While the market predicts Bitcoin to shatter records and reach the $70,000 – $100,000 zone, this analyst offers a more tempered forecast. As per the Bitcoin logarithmic curve analysis, the analyst suggests that the upward climb may encounter resistance, making the path to the summit more challenging. A comparison of the current price trends with 2021’s Bitcoin logarithmic curves leads the analyst to hypothesize that if Bitcoin hits its peak in 2024, its value may oscillate between $77,000 and $149,000. This range aligns with layers 5 and 7 of the logarithmic curve. Although Bitcoin holds the potential to surge to $149,000, the Layer 7 target on the logarithmic curve is notably less. If we consider a one-year slowdown in growth, the predicted peak is adjusted downwards from $180,000 to $149,000. However, the ‘Bitcoin upside momentum’ may cap around $77,000, falling short of the expected $100,000, due to the unpredictable nature of cryptocurrencies and shifting market fundamentals. While the Bitcoin community remains hopeful, there is a discernible decline in the upside momentum. The bearish bar from March 5 still prominently features in the daily chart, implying that for the bullish trend to sustain, prices need to break past $70,000 with an increase in trading volume. In spite of lower prices, issuers are eyeing Bitcoin ETFs to leverage the lows, thus stimulating demand and boosting market sentiment. This 500-word summary provides an in-depth analysis of the slowing ‘Bitcoin upside momentum’ and the factors contributing to it.
Not financial advice. Always be safe and secure when dealing with cryptocurrency. Never send anyone your private key. Always Do Your Own Research..DYOR..DYOR..DYOR!
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