Hello, my friends. In the long term, Bitcoin looks very bullish.
The retrace from March's ATH created a series of lower highs and lower lows which when connected make this descending broadening wedge set up.
This is a Bullish pattern. The meta is that you trade the range (long from the lower trendline, short from the top) then when there is a close above the top trendline you go long with a target of the highest point in the set up - which here is the ATH at 74k.
Obviously this is only a chart pattern and alot can happen in the real world to offset it BUT with the rate cuts coming in September I can easily see a breakout to new ATH coming from this price formation.
The charts usually reflect the real world and a ranging downtrend following the ETF driven ATH into a rate cut breakout and ATH re-test is exactly what the broadening wedge set up would expect.
Befor the break a trip to the lower trendline is possible but I think unlikely, mainly because the ETF buys are so high above 60k that I expect them to provide strong price support and prevent a major correction (which is what would be needed to get to a sub 50k lower trendline) unless something crazy happens (like a war or a massive inflation spike).
The retrace from March's ATH created a series of lower highs and lower lows which when connected make this descending broadening wedge set up.
This is a Bullish pattern. The meta is that you trade the range (long from the lower trendline, short from the top) then when there is a close above the top trendline you go long with a target of the highest point in the set up - which here is the ATH at 74k.
Obviously this is only a chart pattern and alot can happen in the real world to offset it BUT with the rate cuts coming in September I can easily see a breakout to new ATH coming from this price formation.
The charts usually reflect the real world and a ranging downtrend following the ETF driven ATH into a rate cut breakout and ATH re-test is exactly what the broadening wedge set up would expect.
Befor the break a trip to the lower trendline is possible but I think unlikely, mainly because the ETF buys are so high above 60k that I expect them to provide strong price support and prevent a major correction (which is what would be needed to get to a sub 50k lower trendline) unless something crazy happens (like a war or a massive inflation spike).
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REPORT: CRYPTO MILLIONAIRES NEARLY DOUBLED IN JUST ONE YEAR!A new research survey from New World Wealth and Henley & Partners has found that the number of crypto millionaires worldwide has increased by 95% over the past year, driven by the rise of Bitcoin and other cryptocurrency exchange-traded funds.
The survey results added that around 172,300 individuals worldwide now own more than $1 million in cryptocurrency, nearly double the number in 2023, which was just 88,200.
The data also showed that during the same period, the number of Bitcoin millionaires has doubled to 85,400 individuals. Crypto wealth has also expanded significantly, with 325 individuals now classified as crypto millionaires (those with $100 million or more in cryptocurrency), and around 28 crypto billionaires.
The research survey results indicate that such a rapid rise in the number of crypto millionaires is primarily due to the growth of spot Bitcoin ETFs, which have raised over $50 billion in assets since their launch in January, sparking a surge in institutional participation.
Commenting on the survey results, Andrew Amoils, head of research at New World Wealth, said that of the six new crypto billionaires created in 2023, about five owe their wealth to Bitcoin, underscoring its dominant position when it comes to attracting long-term investors who buy large holdings.
Andrew Amoils also stressed that crypto is not only reshaping wealth, but also the demographics of where the wealthy live and work, especially as many of the new crypto-rich individuals seek to move to tax- and crypto-friendly jurisdictions or countries.
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BTC:Sell: 61800, TP1:58200,TP2:58800, Stop loss: 6200099% accurate trading signals
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.