CandleFocus Bitcoin Monthly Chart Breakout Signals Potential Bull Rally
2024-10-25
Author: Content Editor
The content highlights a bullish signal for Bitcoin leading up to the U.S. presidential election. The analyst notes that Bitcoin is forming a higher monthly close, suggesting a potential shift in the market trend. Despite a midweek pullback, Bitcoin recovered and closed at $66,601, matching the previous swing-high. The analyst points out that Bitcoin is close to breaking through the next resistance level and its all-time high. The recent pullbacks in Bitcoin are attributed to its correlation with mainstream assets like the S&P 500. However, the bulls remain in control of the cryptocurrency market, and Bitcoin has seen significant long-term gains. The analyst predicts that as long as the S&P 500 and stock market remain stable and continue trending up, Bitcoin will reach an all-time high before the end of the year.
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