Analyst Says Bitcoin Is Hitting Range Bottom, “Right Before The Fireworks”
July 03 2024 - 11:30AM
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Crypto analyst Quinten François has provided an ultra-bullish
narrative for the Bitcoin future trajectory. The analyst suggested
that things are about to get interesting for the flagship crypto,
predicting it could rise to as high as $4.5 million. The
“Fireworks” Are Just About To Begin For Bitcoin While highlighting
the significance of Bitcoin’s fourth halving, Quinten claimed that
the “fireworks” were just about to begin for Bitcoin. The crypto
analyst remarked that BTC was currently at the bottom of the
range of a growth pattern, which it could enjoy if this fourth
halving were to follow the same growth rate as the previous market
cycles. Related Reading: Shiba Inu Starts July On A High
Note: Burn Rate Surges 16,854%, Trading Volume Rises 170% If that
were to happen, Quinten claims that Bitcoin could be worth between
$140,000 and $4.5 million going forward. He noted that this
potential move for BTC is starting at the range bottom at $63,000,
so he remarked that the fireworks are just about to start for the
flagship crypto. From the chart Quinten shared, Bitcoin’s
impressive growth to $4.5 million isn’t expected to happen in this
bull run. He predicts that Bitcoin could peak at around $1 million
if it were to mirror Bitcoin’s trajectory after the first halving.
Meanwhile, Bitcoin could eventually rise to $4.5 million in 2028 if
it continues to mirror the price action following the first
halving. Additionally, BTC’S fourth halving mirroring
the second or third halving will bring lower price moves for the
flagship crypto. Quinten predicts that Bitcoin will rise to as high
as $400,000 or $280,000 if it follows the second or third halving,
respectively. Meanwhile, based on the second and third halving
trajectory, Bitcoin could rise to as high as $1 million or $800,000
by 2028. Time For BTC To Resume Its Upward Trend Based on
recent analyses by different crypto analysts, Bitcoin could resume
its upward trend soon enough. Crypto analyst Ali Martinez mentioned
that retail investors are returning to the Bitcoin ecosystem, with
new Bitcoin addresses hitting a four-month high of 432,026. This
could put the flagship crypto in price discovery and lead to a
rally as these investors accumulate Bitcoin. Crypto analyst
Mikybull Crypto also recently predicted that BTC is set to rise
higher. He claimed that the flagship crypto had completed its
inverse head-and-shoulder pattern on the daily and noted that
Bitcoin’s Moving Average Convergence/Divergence (MACD) indicator
suggests an imminent bullish cross, which indicates strength for
the flagship crypto. Related Reading: XRP Price Attempts
Bullish Decoupling Amid Major Developments Meanwhile, Mikybull
Crypto revealed that Bitcoin’s CME gap has been filled. This is
significant as crypto expert Michael van de Poppe predicted that
Bitcoin could witness a bounce from its current price levels once
the CME gap has been closed. At the time of writing, Bitcoin
is trading at around $60,600, down over 3% in the last 24 hours
according to data from CoinMarketCap. Featured image created
with Dall.E, chart from Tradingview.com
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