Commencing the week with an impressive surge from just under $69,000 to over $70,500, Bitcoin displayed indications of a potential upward trend, capturing the attention of investors who are speculating on whether the largest cryptocurrency will surpass its historical peak of $73,800.
Upon analyzing the current situation, Ali Martinez, a renowned expert in the field of cryptocurrencies, recently conducted an analysis that suggested a potential decline in Bitcoin. Furthermore, Martinez revealed a resistance level that could pave the way for a new record high in Bitcoin’s price.
“Attention! The Bitcoin hourly chart displays a sell signal according to TD Sequential, which could potentially trigger a correction lasting one to four candlesticks, leading the price towards $68,700 or $68,050. However, it is crucial to monitor the $69,330 resistance level, as breaking above it consistently will propel BTC to higher levels.”
Beware! The TD Sequential indicates a sell signal on the hourly chart of Bitcoin, which might instigate a correction lasting one to four candlesticks, bringing the price down to either $68,700 or $68,050. Nevertheless, it is essential to exercise caution when approaching the $69,330 resistance level, as surpassing it consistently will drive BTC to higher levels.
https://t.co/ahEN4CrQX5
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— Ali (@ali_charts)
June 3, 2024
The expert observed that Bitcoin seems to be breaking out of a symmetric triangle. According to Martinez, if the cryptocurrency manages to consistently close above the resistance level of $69,330, it could potentially surge towards the price level of $74,400, surpassing its all-time high.
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At the time of publication, the price of Bitcoin was quoted at $69,306.59, reflecting a 1.3% increase in the last 24 hours.
Expert predicts an imminent post-halving Bitcoin boom
In a recent technical analysis, cryptocurrency expert PlanB emphasized the entry of Bitcoin (BTC) into a phase that could potentially lead to price surges, as historical data has shown a correlation between such increases and the performance of the largest cryptocurrency. In a YouTube video, the analyst provided an update on his stock-to-flow (S2F) model.
Historically, this model, endorsed by PlanB, has already signaled the start of significant bull runs following Bitcoin halvings. “This is the first month after the halving and the beginning of a new cycle. Therefore, in my opinion, Bitcoin will experience a boom after the halving, just as it did in the previous halving cycle in 2020, in 2017, and also after the halving in 2012, in 2013. Thus, I anticipate another surge, and of course, this forms the core of the stock-to-flow model, but only time will tell.”
Disclaimer:
The opinions expressed by the author or any individuals mentioned in this article are solely for informational purposes and do not constitute financial, investment, or other advice. Investing or trading in cryptocurrencies carries a risk of financial loss.
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