As the leading cryptocurrency surged to $60,000, analyst and MN Trading founder Michaël van de Poppe declared the beginning of a ‘new cycle’.
#Bitcoin just started a new cycle.
BlackRock already mentioned that ‘Bitcoin is a hedge against global uncertainty’.
Similar to what Gold was in the 1930’s.
The assassination attempt on Trump confirms this.
The World Order is changing, and Bitcoin is our solution.
— Michaël van de Poppe (@CryptoMichNL) July 14, 2024
“BlackRock already mentioned that ‘Bitcoin is a hedge against global uncertainty’. Similar to what Gold was in the 1930’s. The assassination attempt on [Donald] Trump confirms this. The World Order is changing, and Bitcoin is our solution,” he wrote.
At the time of writing, digital gold is trading around $60,300, having gained 3.5% in a day. Its market capitalization has recovered to $1.18 billion, according to CoinGecko.
On July 13, technical analyst Ali suggested that an ‘ascending triangle’ pattern had formed on Bitcoin’s four-hour chart. According to his calculations, a breakout above the $59,200 resistance level could propel it to $63,800.
#Bitcoin seems to be forming an ascending triangle on the four-hour chart. A successful break above the $59,200 resistance level could propel $BTC to $63,800! pic.twitter.com/VOuPwd8hzm
— Ali (@ali_charts) July 13, 2024
After Bitcoin reached $60,000, the expert urged caution. In his observations, the asset is still trading below the 200-day simple moving average (200 DSMA).
#Bitcoin trading below the 200-day simple moving average calls for caution, as the dip may deepen. Wait for a sustained close above the 200-day SMA to confirm the continuation of the $BTC uptrend! pic.twitter.com/opU3ivpGxx
— Ali (@ali_charts) July 14, 2024
“Wait for a sustained close above 200 DSMA to confirm the continuation of the uptrend,” advised Ali.
Trader Crypto Tony noted that “it would be great for the bulls to see a return to $60,500”.
$60,500 reclaim would be awesome to see today for the bulls. Real sign of strength if we get it pic.twitter.com/gIAAAYjXU8
— Crypto Tony (@CryptoTony__) July 14, 2024
“A real sign of strength if we get it,” he emphasized.
User Daan Crypto Trades pointed out that recently Bitcoin has been rising over the weekend only to fall again at the start of the week. In his post, he compared the asset’s dynamics with the opening of trading on the CME.
#Bitcoin Has been moving up during its weekend only to give up the gains again early in the week.
I’d still be a fan of eventually breaking higher during a weekend and not closing the gap to sideline a lot of participants.
We’ve seen this a few times during the previous cycle… pic.twitter.com/3acvtT2ubn
— Daan Crypto Trades (@DaanCrypto) July 13, 2024
“We’ve seen this a few times during the previous cycle, where illiquid weekends were used to achieve growth and surprise many when [a pullback occurs] on Monday. This usually leads to some distrust, which grows into a strong decline, only fueling high prices,” he added.
Previously, Bitwise’s Chief Investment Officer Matt Hougan predicted that the leading cryptocurrency would rise to $100,000 by the end of the year. He believes that neither the Mt.Gox distribution, nor sales by the German authorities, nor the threat of similar actions regarding coins obtained from Silk Road will hinder this.
Standard Chartered also maintained expectations of Bitcoin returning to its historical high in August and subsequently rising to $100,000 by the U.S. presidential elections in November.