CandleFocus Analyst sets the blueprint for Bitcoin’s next 'parabolic rally'
2024-10-23
Author: Content Editor
Bitcoin has experienced a 7% surge over the past two weeks, raising optimism for a potential bullish breakout. Analysts are closely watching upcoming events, such as the U.S. Presidential election, to determine Bitcoin's next significant move. TradingShot's analysis suggests that Bitcoin follows a consistent four-year cycle, exhibiting bull runs after periods of accumulation and consolidation. Bitcoin's current price range aligns with previous points in the four-year cycle and could potentially lead to a peak by mid-November 2025. The analysis also indicates potential price targets between $190,000 and $250,000 for the upcoming bull run. However, the ability to surpass the $70,000 resistance level is crucial for the momentum to continue. The U.S. Presidential election and potential regulatory hurdles are key factors that could influence Bitcoin's future trajectory. Despite positive historical precedent, external factors can still impact the market. As of press time, Bitcoin was trading at $66,504.
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