Amid recent market turbulence and widespread speculation about Bitcoin’s future, cryptocurrency analyst and trader Crypto Jelle has offered an optimistic outlook for BTC, confirming that crypto assets’ bull run is far from over is, indicating that its potential can increase even further. in the next months.
The power of Bitcoin is underestimated
Crypto Jelle’s analysis delves into Bitcoin’s current consolidation and the significance of the level. After the recently concluded fourth Bitcoin In the event of a halving event, many people expect BTC to see a huge price move on the upside. However, the coin has not fully met the expectations of several community members and crypto enthusiasts due to the current price consolidation.
According to Crypto Jelle, these people actually underestimate how strong Bitcoin has proven to be so far in this cycle. Jelle pointed out that the Halving event happened just a few weeks ago, and BTC has been consolidating around the record highs of the previous cycle for several months now, suggesting a remarkable development compared to past trends. As a result, the analyst believes that Bitcoin’s bull run is not over and predicts that prices will reach six-figure levels in the near future.
The message read:
People underestimate the strength that Bitcoin has shown so far this cycle. The halving occurred just a few weeks ago, and yet we have been consolidating around the previous cycle’s ATHs for months. This run isn’t over yet. Bring on 6-digit BTC.
In response to the recent price corrections, Jelle claims that bull market pullbacks are essential to pull markets out of recession enthusiasm and greed. After weeks of Bitcoin gradually falling, most notably by 23%, market optimism has waned and it is now considered daring to be bullish.
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Crypto Jelle thus underlines that the potential of this market to rise further lies in the confidence of the members of the crypto community in the market amid difficult times like these.
The crypto analyst emphasized that Bitcoin is still trading within a seven-year-old channel. If this after the halving The consolidation reflects past trends and the expert is convinced that the best is yet to come. He predicts that a breakout from the seven-year channel could send BTC to the $100,000 price level.
BTC price action looks good
Crypto Jelle has that too identified Some indicators showing that BTC price action looks good today. Jelle drew attention to the 100-day exponential moving average (EMA) and pointed out a bullish MACD cross below the zero line, marking the first higher low in some time. This makes Bitcoin’s price look promising as it is almost done with the complete reset.
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Looking at the 21-week EMA, the crypto asset has pulled back towards the key support level at $62,408. Jelle, on the other hand, does not see this development as something to worry about and urges investors to hold on to their Bitcoin investment.
Currently, Bitcoin is showing bullish momentum, rising from around $60,790 to around $63,100. At the time of writing it is BTC is up more than 2% in the past day, trading at $62,570. The market capitalization has also increased by 2.41%, while trading volume has increased by 69% in the last 24 hours.
Featured image from iStock, chart from Tradingview.com