CandleFocus Bitcoin price charts point to explosive gains in the long term
2024-10-14
Author: Content Editor
Bitcoin and other cryptocurrencies saw a strong start to the week, driven by ongoing stimulus discussions in China. Bitcoin crossed the important resistance point of $65,000, indicating a bull market. The rally was supported by increased institutional interest, with investors buying spot Bitcoin ETFs. Technical analysis suggests potential long-term gains for Bitcoin, with patterns indicating a cup-and-handle formation and a bullish flag pattern. The monthly chart also shows a hammer candlestick pattern, further supporting bullish sentiment. The daily chart indicates potential near-term gains, with Bitcoin solidly above key moving averages and forming a broadening wedge pattern. There is a growing likelihood that Bitcoin will reach its all-time high this year, with a 62% chance according to Polymarket.
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