Bitcoin’s Breakout: Will It Finally Surpass the 200-Week Moving Average?
Is Bitcoin Poised for a Breakout?
In recent days, the world of Bitcoin and cryptocurrencies has experienced some respite. But can this rally break through to new heights, or will Bitcoin encounter yet another setback at the daunting 200-week moving average?
Amidst concerns over rising bond yields in the U.S. and European markets, the crypto sector is finally witnessing a breath of fresh air after several months of predominantly downward and sideways movement since mid-July this year.
A Breakout on the Horizon?
Once again, Bitcoin has ventured to briefly touch the 200-week moving average, a feat it has achieved relatively frequently over the past month. This time, Bitcoin seems to have some favorable indicators on its side, as the Stochastic momentum indicators for daily, weekly, and bi-weekly timeframes have all shifted to the upside. This could be a sign of an impending successful breakthrough.
Furthermore, even on the monthly timeframe, there’s a possibility of a shift to the upside, though this won’t be confirmed until the end of October.
With this in mind, as we look ahead to the end of the year, there’s the potential for some positive price action from Bitcoin. A potential rise to reach the upper limit of its upward-sloping channel could propel the leading cryptocurrency well beyond the $30,000 mark.
A Prolonged Bull Market
However, it’s important for investors to bear in mind that this bull market is likely to endure much longer than its predecessors. Thus, there should be ample time to establish a position in Bitcoin as it continues to construct its price structure before ultimately making significant gains.
According to chart analyst Steve Courtney from Crypto Crew University, Bitcoin’s current price action aligns perfectly with what he refers to as “phase one” of its new bull market.
While he doesn’t guarantee this outcome, he reminds his viewers and subscribers that there’s a possibility Bitcoin could return to test its base around $18,000 and still maintain a healthy price structure. If this scenario unfolds, it should be seen as an opportunity for those seeking to enter the market or expand their positions.
Disclaimer: This article is intended for informational purposes only. It should not be construed as legal, tax, investment, financial, or any other form of advice.
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