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Quick analysis of the situation
It's a wild time in the crypto world as Bitcoin (BTC) pirouettes towards its all-time high of $73,700, set back in March this year. As we watch in awe, the charts tell a story that has market experts excited and investors on the edge of their seats, anticipating massive gains as we waltz into the year-end.
One of the maestros of this dance, crypto analyst Gert van Lagen, recently took to social media platform X (formerly Twitter) to share his take on Bitcoin’s rhythm. He’s been analyzing BTC’s parabolic curve, and what did he find? A signature step-like formation suggesting a colossal wave 5 rally might be just around the corner — cue the trumpet fanfare!
But before you grab your dancing shoes, let's chat about the “Shake-Out of the Century.” Van Lagen mapped out a chart that shows Bitcoin navigating through a complicated dance of price movements since April 2023, which he has categorized into three phases. Right now, Bitcoin is in a consolidation phase, oscillating between $53,700 and $68,000, with the lower end identified as the bull market support for this cycle. Talk about a base that’s ready for an encore!
According to van Lagen, we’re on the precipice of validating Wave 4. And, if Bitcoin breaks through its base 4 resistance, a spectacular rally could unfold, with prices potentially dancing all the way up to $250,000. But hold onto your party hats because just as quickly as Bitcoin might waltz up, it could also crash down in a dramatic finale. He warns that after this potential peak, we might see a price plunge reminiscent of a tragic opera — as low as $10,000, or in the most theatrical of turns, down to $1,000. And they call this the “Shake-Out of the Century.” Sounds like a plot twist worthy of the best thrillers.
In the short term, with Bitcoin’s recent tumult, van Lagen highlighted that unless BTC can break that stubborn $70,000 resistance, we might need to keep an eye on the $57,500 support level. In other words, it’s the metaphorical safety net for this high-wire act.
But fear not, dear crypto enthusiasts, for there's a glimmer of hope! Blockforce Capital's Brett Munster believes we could be in for a “perfect storm” brewing in Bitcoin’s favor. With global liquidity doing the cha-cha thanks to central banks injecting capital like it’s confetti, conditions seem ripe for an upswing. China’s stimulus measures add a little extra spice to this economic gumbo, and historical trends suggest that when global liquidity outpaces its moving average, it often leads to a significant Bitcoin price surge.
Adding to the buoyancy, US Vice President Kamala Harris has committed to advocating for a regulatory framework that could potentially benefit the crypto world. After years of uncertainty, this commitment might just be the confidence boost the market has been waiting for.
As of now, Bitcoin is trading at $68,300, up 3.6% in the last 24 hours — and who knows what the final performance has in store? Will we be celebrating a new all-time high, or is a plot twist waiting in the wings? One thing is for sure: the Bitcoin stage is set, and it promises to be an exhilarating ride! So grab your popcorn, folks; the show is just getting started!
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Image(s) are provided by Unsplash and/or other free sources. They are illustrative and may not represent the content truly.
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Please, behave!