Bitcoin Breaks Out!
What a great way to start the day — this recent move has brought BTC to a new local high, now pushing above the highs of July at 70,000 and trading firmly at 71,000.
This marks a clear break from the long consolidation phase it’s been in for close to eight months, signaling a shift in character that feels exceptionally strong.
I was expecting a cool down but instead, here we are, pressing 3% against all time highs and showing no signs of slowing. This behavior — where BTC is holding and even moving higher when it would typically pull back — is a sure sign that demand is outpacing sellers. Every time there’s an attempt to bring it down, the market is quick to step in, consuming all available supply. That’s very bullish.
If this strength continues and BTC stays above 70,000 over the next few days, it’s likely we won’t see a major pullback. The recent low could have been the last opportunity BTC had and we’ll be looking at a breakout with no real return to these levels in the near term. For anyone waiting on the sidelines, this period may be one of the last chances to get in at this range. This kind of momentum, after such a lengthy consolidation, suggests the market is ready to move higher and fast.
Yes, we could still see a dip into elections, perhaps to shake out any over-leveraged positions before running up further. But even if BTC revisits the lower 65,000 range, it will likely be a short-lived move, creating another entry point for both short- and long-term buyers. So, either path leads to the same outcome: higher prices.
In the event we remain steady and break past 71,000 next week, that’s an unmistakable signal that BTC is on a powerful upward path. Once it goes, it might not look back, making it crucial to have a position set now rather than hoping for a deeper pullback. The weekly and daily charts are both building up, each day adding more confidence to this bullish outlook. It’s all lining up with the third year of the four-year cycle, which typically sees the strongest gains.
So stay ready, stay tuned, and have a great rest of your week!
Written by Timothy Assi, a popular investor on eToro.
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