The cryptocurrency market is experiencing a strong upward trend not only for Bitcoin but also for altcoins. According to According to well-known cryptocurrency analyst CryptoNova, despite the recent corrections identified last week, Nova claims that these are just temporary setbacks in the midst of an overall positive trend.
Analysts emphasize the importance of recognizing the cyclical nature of markets, where local highs are followed by local lows and ultimately lead to new highs. Chart indications show a return of strength after the initial pullback, suggesting new support levels and a breakdown of the lower high structure.
Market sentiment remains optimistic, especially with the halving approaching. Historically, there has not been a significant drop in prices immediately following a halving, making it a positive outlook for investors. This sentiment is reflected in the current behavior of investors, with few wanting to sell their assets as the market recovers.
Cryptocurrency Market Bullish Trajectory
Renowned crypto asset analyst Gert van Lagen has a very bullish outlook for the cryptocurrency market, especially for Bitcoin. According to his technical analysis, the current price movement is on a speculative path towards an ambitious target of $200,000 before the upcoming Bitcoin halving event.
Van Lagen's statement expressed confidence in his previous predictions, saying he sees no reason to change his view at this point as price action supports his predictions. He calls the ongoing rally “Wave 5,” which in Elliott Wave theory typically represents the final and most explosive phase of a bull cycle.
The chart shows a series of ascending triangles, which are considered bullish continuation patterns, signaling that the uptrend is likely to continue after a period of consolidation. The recent breakout of the ascending triangles has pushed the price to a new all-time high, further reinforcing the bullish sentiment.
According to Tradingview, BTC is currently trading at $66,200 with a market cap of $1.29 trillion. BTC is up 3.44% in the past 24 hours and is down almost 10% from its all-time high of $73,750 on March 14, 2024.
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