The crypto market is experiencing a strong uptrend, not only with Bitcoin but also with altcoins, according to CryptoNova, a well-known crypto analyst. Despite recent corrections observed last week, Nova asserts that these are temporary setbacks in the midst of a broader positive trend.
The analyst emphasizes the importance of recognizing the market’s cyclical nature, where local highs are followed by local lows, eventually leading to new higher highs. The chart indications suggest a return of strength after the initial pullback, with new support levels and a break in the structure of lower highs.
Market sentiment remains optimistic, especially with the halving event approaching. Historically, prices have not seen significant declines immediately after halving events, adding to the positive outlook for investors. This sentiment is reflected in investors’ current behavior, as few are eager to sell their assets amidst the market’s returning strength.
Crypto Market’s Bullish Trajectory
Gert van Lagen, a prominent crypto analyst suggests a highly bullish outlook on the cryptocurrency market, particularly for Bitcoin. According to his technical analysis, the current price movement is following a speculative path towards the ambitious target of $200,000 before the next Bitcoin halving event.
Van Lagen’s statement indicates confidence in his previous predictions, stating that there is no reason to change his view now as the price action is validating his expectations. He refers to the ongoing rally as “Wave 5,” which, in the context of Elliott Wave Theory, typically represents the final and most explosive phase of a bullish cycle.
The chart displays a series of ascending triangles, which are considered bullish continuation patterns, implying that the upward trend is likely to continue after periods of consolidation. The most recent ascending triangle breakout has propelled the price to new all-time highs, further reinforcing the bullish sentiment.
According to Tradingview, BTC is currently trading at the price of $66200 with a market capitalization of $1.29 trillion. BTC is 3.44% up in the last 24 hours and almost 10% down from its all-time high of $73750 on March 14, 2024.
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