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.”
Source:TradingView/AliMartinezMartinez 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.
MatthewHylandA 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.”
Source: BloombergIntelligenceHowever, 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.
Image source: Shutterstock
