Bitcoin, the largest cryptocurrency, is currently in the news for its rapid growth over the past few months. However, according to analyst Crypto World, Bitcoin's current price development has led to a surge in liquidations and signals a significant shift in the market.
He suggests that this reflects past price structure, as well as previous bullish cycles, particularly from 2020 to 2021. Despite short-term fluctuations, the overall trend remains bullish, providing strategic entry opportunities during temporary pullbacks.
“I have said many times now on this channel that the price of Bitcoin could repeat history, because prices very similar to what we saw in the previous bull cycle in 2020 as the structure is visible into 2021,” the analysts said in their latest analysis.
He also said, “Even in a bullish trend, you can sometimes see short-term pullbacks, so be on the lookout for whether you see a 10% pullback or a 20% pullback. This is actually a flattening. “This is very normal price action.” during a bullish trend. ”
The analyst said a 10% to 20% pullback could present an opportunity to buy in the short term, especially if you believe the bull market will continue. Overall, the picture remains optimistic. Bitcoin’s price range is fluctuating between $68,000 and $69,000, with resistance at $71,500.
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Meanwhile, Ethereum's price trend is gaining attention as it approaches key support levels around $3,400 to $3,500. Resistance zones have been identified at $4,100 and an all-time high of $4,900. As Ethereum forms a new pattern, investors are anticipating a potential breakout that could have a major impact on market sentiment.
Solana, another prominent player in the cryptocurrency industry, is already attempting an upward breakout. Recent price movements indicate bullish momentum, with resistance between $198 and $199. Analysts see a potential upside target of $217 if Solana maintains its upward trajectory.
