After experiencing a lot of back and forth about the psychological price $20,000, Bitcoin finally felt relief when it reached mid-June levels at $22K.
Analyst Ali Martinez said that Bitcoin could make a comeback to the $25,000 mark if there is no sell signal. He pointed out:
“Bitcoin had a bullish breakout from a symmetrical triangle on the four-hour chart and seems to be heading towards my target of $25,000. The TD Sequential is indicating a sell signal. If validated, expect a downswing to $20,900 before higher highs for BTC.”
Martinez had previously stated The critical resistance at $20,900 was reached. It remains to be seen if this becomes support. Bitcoin hovered around $21,800 in intraday trading according to CoinMarketCap. CoinMarketCap.
Is BTC getting closer to a higher level?
According Matthew Hyland is an analyst on the chain and believes that Bitcoin is closer to a greater high.
A bullish trend is one that has higher highs than lower lows. Conversely, lower highs are indicative of a bearish trend.
The question of whether the higher peak will be formed remains open to debate, but this could provide upward momentum.
Mike McGlone is a senior commodity strategist at Bloomberg Intelligence and believes that BTC adoption will continue its upward trend. This could lead to a bullish run in the second half. He explained:
“Bitcoin could be one of the greatest bull markets in history at a relatively discounted price to start 2H. The crypto could be a failed experiment, or it may become redundant like crudeoil. Our bias is that Bitcoin adoption is more likely to continue rising.”
However, the Bitcoin Lightning Network is continuing to grow because it recently reached historical highs. Because it is a layer 2 scaling solution, the Lightning Network increases Bitcoin’s ability to conduct transactions more efficiently via micropayment channels.
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