BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\nWhen writing, the largest cryptocurrency on the market is trading at $63,835, up 2% in the last 24 hours and maintaining its 17% gain for the month.\u00a0<\/span><\/p>\nFeatured image from DALL-E, chart from TradingView.com<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"Last week, Bitcoin (BTC) experienced considerable volatility, climbing to a two-month high of $66,500 before falling back to a low of $59,500 at the end of the week. However, the leading cryptocurrency has resumed its upward trajectory, hitting $64,500 on Monday.\u00a0 Higher Highs And Bullish Trends Crypto analyst Doctor Profit recently released a report commenting on the recent price movements, noting that Bitcoin has successfully printed a new higher high for the first time since reaching its all-time high (ATH).\u00a0 According to the analyst, this development challenges the bearish narrative that had suggested Bitcoin would continue to decline, based on a theory of higher highs and lower lows. \u201cTheir own theory has given them a slap right in the face,\u201d he remarked, suggesting that the recent price action should serve as a wake-up call for some skeptics. Related Reading: FET Gears Up for Gains: Bullish Momentum Eyes $1.8 Breakout Doctor Profit also noted that the higher high\/lower low pattern tends to break down during strong sideways movement, particularly when key moving averages are involved.\u00a0 The analyst highlighted Bitcoin\u2019s recent retest of the 50-day moving average (MA50), placed at the $60,000 level met with strong bullish momentum, reinforcing his view that Bitcoin remains bullish. Doctor Profit plans to establish new long positions around the $60,400 level, should the market revisit that area.\u00a0 In terms of short-term targets, Doctor Profit sees $66,000 as a clear objective, expressing confidence in the potential for Bitcoin to reach this level soon. He also noted the significance of upcoming economic data, with crucial Producer Price Index (PPI) and Consumer Price Index (CPI) inflation reports scheduled for release this Thursday and Friday. Bitcoin Consolidation Phase Nearing End? Adding to the optimistic outlook for the BTC market, another analyst, TedPillows, recently indicated that Bitcoin’s current consolidation phase may be nearing its end after nearly six months of trading below the $70,000 level.\u00a0 He compared previous market cycles and noted that BTC consolidated for 161 days after the 2016 halving and 175 days after the 2020 halving.\u00a0 Related Reading: Solana-Based MYRO Next In Line For $1 Billion? Why A 200% Surge To $0.2 Is Possible With the current consolidation phase ongoing for 168 days, Pillows suggests that Bitcoin is either on the verge of exiting this phase or is already at its conclusion. This analysis hints at the possibility of Bitcoin achieving a new all-time high above the previous record of $73,700 reached in March of this year. When writing, the largest cryptocurrency on the market is trading at $63,835, up 2% in the last 24 hours and maintaining its 17% gain for the month.\u00a0 Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":636576,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,485,656,679,755,1119,1122,1144,78790,6664,14690],"class_list":["post-646805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-technical-analysis","tag-btc","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-news"],"acf":[],"yoast_head":"\n
Bitcoin Price Forecast: This Week's Trends And Historical Patterns For Q4<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n