Bitcoin Analysis: A Peek into Cryptocurrency's Future

IconCryptoNewsTerminal Staff24 May, 2024

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Bitcoin Analysis: A Peek into Cryptocurrency's Future

According to the cryptocurrency analyst Jelle of Cointelegraph, the price action of Bitcoin is showing an eerie similarity to early 2017. Jelle observed that the weekly candle chart for Bitcoin displays a bullish hidden divergence at the new highs. This pattern suggests that Bitcoin is poised for a breakout and could potentially reach new heights if it can break through the $75,000 resistance level. If Bitcoin can sustain its momentum, it could trigger a significant rally, similar to the one witnessed in 2017, when the price of Bitcoin soared exponentially. Jelle emphasizes the importance of watching for a breakout above $75,000 as a key indicator of further bullish sentiment.