Against the backdrop of the first cryptocurrency’s growth to $60,000, analyst and founder of MN Trading Michael van de Poppe announced the beginning of a “new cycle.”
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#Bitcoin just started a new cycle.
BlackRock already mentioned that ‘Bitcoin is a hedge once morest global uncertainty’.
Similar to what Gold was in the 1930’s.
The assassination attempt on Trump confirms this.
The World Order is changing, and Bitcoin is our solution.
— Michaël van de Poppe (@CryptoMichNL) July 14, 2024
“BlackRock has already mentioned that ‘Bitcoin is a hedge once morest global uncertainty.’ Similar to what gold was in the 1930s. An attempt to [Дональда] Trump is proof of this. The world order is changing, and Bitcoin is our solution,” he wrote.
At the time of writing, digital gold is trading around $60,300, up 3.5% in 24 hours. Its market cap has recovered to $1.18 billion, according to CoinGecko.
Back on July 13, a technical analyst nicknamed Ali suggested that an ascending triangle had formed on the four-hour Bitcoin chart. According to his calculations, a breakout above the $59,200 resistance level would give momentum to $63,800.
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#Bitcoin seems to be forming an ascending triangle on the four-hour chart. A successful break above the $59,200 resistance level might propel $BTC to $63,800! pic.twitter.com/VOuPwd8hzm
— Ali (@ali_charts) July 13, 2024
After Bitcoin reached $60,000, the expert called for caution. According to his observations, the asset is still trading below the 200-day simple moving average (200 DSMA).
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#Bitcoin trading below the 200-day simple moving average calls for caution, as the dip may deepen. Wait for a sustained close above the 200-day SMA to confirm the continuation of the $BTC uptrend! pic.twitter.com/opU3ivpGxx
— Ali (@ali_charts) July 14, 2024
“Wait for a sustained break above the 200 DSMA to confirm continuation of the uptrend,” Ali advised.
Trader Crypto Tony noted that “it would be great for the bulls to see a return to $60,500.”
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$60,500 reclaim would be awesome to see today for the bulls. Real sign of strength if we get it pic.twitter.com/gIAAAYjXU8
— Crypto Tony (@CryptoTony__) July 14, 2024
“It’s a real sign of strength if we get there,” he said.
A user named Daan Crypto Trades noted that Bitcoin has been moving up on weekends lately, but has fallen once more at the beginning of the week. In the chart in the post, he compared the asset’s dynamics with the opening of trading on CME.
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— Daan Crypto Trades (@DaanCrypto) July 13, 2024
“We saw this a few times during the previous cycle, where illiquid holidays were used to drive gains and leave many surprised when [произойдет откат] on Monday. This usually leads to some increase in mistrust, which develops into a strong decline, which only fuels high prices,” he added.
Earlier, Bitwise Investment Director Matt Hougan predicted the growth of the first cryptocurrency to $100,000 by the end of the year. He believes that neither the distribution of Mt.Gox, nor sales by the German authorities, nor the threat of similar actions in the context of coins received from Silk Road will prevent this.
Recall that Standard Chartered also maintained expectations for Bitcoin to return to its historical maximum in August and subsequently rise to $100,000 by the US presidential elections in November.
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Bitcoin Reaches $60,000, Analyst Declares "New Cycle"
Against the backdrop of the first cryptocurrency’s growth to $60,000, analyst and founder of MN Trading Michael van de Poppe announced the beginning of a "new cycle".
#Bitcoin just started a new cycle.
BlackRock already mentioned that ‘Bitcoin is a hedge once morest global uncertainty’.
Similar to what Gold was in the 1930’s.
The assassination attempt on Trump confirms this.
The World Order is changing, and Bitcoin is our solution.
— Michaël van de Poppe (@CryptoMichNL) July 14, 2024
“BlackRock has already mentioned that ‘Bitcoin is a hedge once morest global uncertainty.’ Similar to what gold was in the 1930s. An attempt to [Дональда] Trump is proof of this. The world order is changing, and Bitcoin is our solution,” he wrote.
At the time of writing, digital gold is trading around $60,300, up 3.5% in 24 hours. Its market cap has recovered to $1.18 billion, according to CoinGecko.
Technical Analysis Supports Bitcoin’s Rise
Back on July 13, a technical analyst nicknamed Ali suggested that an ascending triangle had formed on the four-hour Bitcoin chart. According to his calculations, a breakout above the $59,200 resistance level would give momentum to $63,800.
#Bitcoin seems to be forming an ascending triangle on the four-hour chart. A successful break above the $59,200 resistance level might propel $BTC to $63,800! pic.twitter.com/VOuPwd8hzm
— Ali (@ali_charts) July 13, 2024
After Bitcoin reached $60,000, the expert called for caution. According to his observations, the asset is still trading below the 200-day simple moving average (200 DSMA).
#Bitcoin trading below the 200-day simple moving average calls for caution, as the dip may deepen. Wait for a sustained close above the 200-day SMA to confirm the continuation of the $BTC uptrend! pic.twitter.com/opU3ivpGxx
— Ali (@ali_charts) July 14, 2024
“Wait for a sustained break above the 200 DSMA to confirm continuation of the uptrend,” Ali advised.
Trader Crypto Tony noted that “it would be great for the bulls to see a return to $60,500.”
$60,500 reclaim would be awesome to see today for the bulls. Real sign of strength if we get it pic.twitter.com/gIAAAYjXU8
— Crypto Tony (@CryptoTony__) July 14, 2024
“It’s a real sign of strength if we get there,” he said.
CME Trading and Weekend Rallies
A user named Daan Crypto Trades noted that Bitcoin has been moving up on weekends lately, but has fallen once more at the beginning of the week. In the chart in the post, he compared the asset’s dynamics with the opening of trading on CME.
— Daan Crypto Trades (@DaanCrypto) July 13, 2024
“We saw this a few times during the previous cycle, where illiquid holidays were used to drive gains and leave many surprised when [произойдет откат] on Monday. This usually leads to some increase in mistrust, which develops into a strong decline, which only fuels high prices,” he added.
Predictions of Bitcoin’s Continued Growth
Earlier, Bitwise Investment Director Matt Hougan predicted the growth of the first cryptocurrency to $100,000 by the end of the year. He believes that neither the distribution of Mt.Gox, nor sales by the German authorities, nor the threat of similar actions in the context of coins received from Silk Road will prevent this.
Recall that Standard Chartered also maintained expectations for Bitcoin to return to its historical maximum in August and subsequently rise to $100,000 by the US presidential elections in November.
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