Bitcoin Shows an ‘Overall Bullish Setup’ on the Monthly Chart; That’s what that means

Despite the fact that the year-to-date rally of the cryptocurrency and Bitcoin (BTC) market is slowing down, the leading decentralized finance (DeFi) asset is showing a bullish stance on the monthly chart, indicating a bright future for the first cryptocurrency.

As it happens, the Bitcoin monthly chart is currently showing a “macro bullish setup,” according to a group of indicators that come together to form the positive formation, which notice By Alias ​​cryptanalyst Tardigrade merchant On the 2nd of February.

According to the analyst, the noticeable factors in this bullish setup include “two price rejection (resistance) levels that form an ordering area, which becomes a breakout area, a breakout, a falling wedge, and price rejection (support) in the breakout area, [and] Bullish monthly light burst.

Bitcoin monthly candlestick analysis and forecast. Source: Tardigrade merchant

especially, Tardigrade’s Merchant The predictions align with bullish predictions for the future of Bitcoin, including that of Bloomberg’s chief commodity strategist, Mike McGlone, who envisions the digital asset reaching $100,000 in the coming years, “possibly by 2025.”

TradingShot He also noted that Bitcoin has started an engineering cycle chart, suggesting it could surge to $150,000 in the same timeframe, despite the cryptocurrency and the currency it representing being declared “dead” four times this year so far.

Bitcoin price analysis

As it stands, Bitcoin is currently trading at $23,819, which is a 3.07% gain on the day and a 2.75% increase from the previous week, adding up to a growth of 42.85% on the monthly charts, according to the latest data.

Bitcoin price chart for 30 days. Source: quinphone

Robert Kiyosaki, bestselling author of Personal FinanceRich father poor fatherHe points to the deteriorating economic situation of the United States as the driving force behind the recent cryptocurrency rally. In this context, the middle class in the United States is getting poorer and looking for alternative investment products such as bitcoin.

Warning: The content of this website should not be considered as investment advice. Speculative investments. When you invest, your capital is at risk.

Post-Bitcoin Shows ‘Total Bullish Setup’ On Monthly Chart; This What This Means appeared first on Coinphony.

Leave a Reply

Your email address will not be published. Required fields are marked *