The virtual currency market is on a strong upward trend, including not only Bitcoin but also altcoins. according to to CryptoNova, a well-known crypto analyst. Despite the recent corrections observed last week, Nova maintains that these are temporary setbacks in the midst of broader positive trends.
The analyst emphasizes the importance of recognizing the cyclical nature of markets, where local highs are followed by local lows and eventually lead to new highs. Signs on the chart point to a strong recovery after the initial pullback, with new support levels and a break in the structure of the lows.
Market sentiment remains optimistic, especially as the halving approaches. Historically, prices have not fallen significantly immediately after a halving event, which is a positive outlook for investors. This sentiment is reflected in investors' current behavior, as few investors are looking to sell their assets as the market regains strength.
Bullish trajectory of the virtual currency market
Renowned crypto analyst Gerd van Lagen has given a very bullish outlook on the crypto market, especially Bitcoin. According to his technical analysis, the current price trend is on a speculative path towards Bitcoin's ambitious goal of $200,000 by the next halving event.
Van Lagen's statement expressed confidence in his previous forecasts, saying there is no reason to change his view now as price trends support his forecasts. He refers to the ongoing bull market as the “fifth wave,” which in the context of Elliott Wave theory typically represents the final and most explosive stage of a bull cycle.
The chart shows a series of ascending triangles, which is considered a bullish continuation pattern and suggests that the uptrend is likely to continue after a period of consolidation. The recent ascending triangle breakout pushed prices to new all-time highs and further strengthened the bullish trend.
According to Tradingview, BTC is currently trading at a price of $66,200, giving it a market capitalization of $1.29 trillion. BTC is up 3.44% in the past 24 hours, down almost 10% from its all-time high of $73,750 on March 14, 2024.
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