As negative market sentiment continues to weigh heavily on Bitcoin, popular crypto analyst and enthusiast Stockmoney Lizards voiced his insights on this pessimistic view, providing key objectives to look out for in these turbulent times. These propositions aim to recuperate investors’ resiliency and focus despite growing uncertainty due to market instability and unfavorable trends.
5 Most Objective Golden Rules For Bitcoin
Speculations about Bitcoin’s next price trajectory are rising as the flagship crypto asset continues to struggle to reclaim its all-time high of $74,000, achieved in March this year. However, Stockmoney Lizards has shared a bullish outlook for Bitcoin, noting that the recent negative price movements are essential for an upward movement in the upcoming months.
Addressing the negative sentiment around BTC, the analyst has pointed out 5 golden rules that investors should consider, which he believes are the most objective in determining its next price trajectory. Stockmoney Lizards laid out these five key ideas due to several misleading and confusing posts from crypto enthusiasts on the X (formerly Twitter) platform.
For the first key objective, the crypto expert has noted that Bitcoin is currently in a positive area, pointing to a bullish distribution and reaccumulation pattern. Initially, this stage which is characterized by a time of relative stability comes when prices have reached their lowest point and the market has bottomed out.
Secondly, given the current price movement facing resistance at the $60,000 level, Stockmoney Lizards has predicted a potential retest to the $50,000 and $52,000 range in the following week. While he anticipates a revisitation to these levels, he asserted that in the end, a monthly close above $50,000 will be bullish.
Additionally, he has underlined a possible mass liquidation as BTC descends to $50,000, as seen with last week’s major decline to the same level due to Japan’s stock market crash. However, he claims there is still an opportunity for more growth, even though most of the liquidity will be taken.
Lastly, he has addressed the inflow of negative views on Bitcoin’s price, noting that they are quite normal for summer corrections while pointing to last year’s October bullish sentiment. He expects BTC to experience positive price movements by then as October has historically been a bullish month for the largest crypto asset.
BTC Forms Bull Flag Formation
Bitcoin’s price may be displaying a negative action, but crypto expert Elja also expects an upcoming rally in the next few months, pointing to a bull flag formation on the chart of BTC.
It is important to note that a bull flag formation is considered a bullish continuation pattern that usually follows a significant rise in price or a recovery. As a result, Elja spotting this pattern on BTC’s chart is confident that the coin will undergo a massive rally in the Q4 of this year.
Although the crypto expert looks forward to a major rally, he has warned investors about a prolonged price consolidation between $49,000 and $66,000, particularly till the end of Q3.
Featured image from iStock, chart from Tradingview.com
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