CandleFocus Bitcoin Gearing Up for Breakout, $175K Target This Cycle – Analyst
2024-11-01
Author: Content Editor
Bitcoin rose to $73,600, breaking resistance around $70,000, suggesting a possible breakout. Caleb Franzen, founder of Cubic Analytics, sees this as encouraging and predicts a significant bull run. He expects Bitcoin to reach at least $175,000 in the current cycle and notes that it has outperformed both the crypto and stock markets. Bitcoin's dominance has also risen above 60% for the first time since April 2021, solidifying its position as a dominant asset. Franzen identifies macro indicators, such as the bullish performance of mainstream assets, that support a Bitcoin bull market. However, Bitcoin has pulled back after the rally, trading at $69,051 at the time of writing.
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