Bitcoin’s historical price data adds a glimpse towards the heading position of Bitcoin acknowledging that Bitcoin has successfully ended its risky phase which was previously caused by heavy selling. Adding to the current market conditions, Bitcoin’s move closer to returning to its bull phase continues to show positive signs on its price chart. This moment adds active participation of long-term investors who precisely start buying, considering the further price boom.
One popular crypto analyst, Rekt Capital on X, added a tweet, “The Bitcoin Post-Halving “Danger Zone” is officially over.” that means Bitcoin has officially ended its risky phase, which welcomes investors to buy the currency in the hope of price rise.
The Coinmarketcap price data reveals that Bitcoin is expected to witness upward movements from its existing status, suggesting a price surge. Moreover, economic factors may play an active role in influencing the price of Bitcoin and asking the market whether Bitcoin will move upward.
Bitcoin Price Analysis
The price analysis based on past hour data and the technical patterns in a chart suggests that bitcoin can go more up. On May 13, crypto investor, Quinten Francois added a tweet on X saying,
“Inverse head and shoulders pattern spotted on the $BTC chart. It’s not the most beautiful iH&S I’ve ever seen, but I’ll take it. There are different ways to draw the neckline too, but this way makes the most sense to me. Break the neckline for further price recovery!”.
Quinten Francois
Inverse head and shoulders pattern spotted on the $BTC chart
— Quinten | 048.eth (@QuintenFrancois) May 13, 2024
Not the most beautiful iH&S I've ever seen, but I'll take it. Different ways to draw the neckline too, but this way makes most sense to me.
Break the neckline for further price recovery! Let's do it pic.twitter.com/zhoF6yorSx
Furthermore, Jelle, a crypto analyst, wrote on May 13 that
“Bitcoin has nearly completed a full reset. Back to the 100-day EMA, a bullish MACD cross (below the zero line)—and the first higher low in a long time. It’s looking good.”
Jelle
#Bitcoin has nearly completed a full reset.
— Jelle (@CryptoJelleNL) May 13, 2024
Back to the 100-day EMA, a bullish MACD cross (below the zero line) — and the first higher low in a long time.
It's looking good. pic.twitter.com/F8SkNLON9M
This gives a clear understanding of Bitcoin’s reset attempts, which added some technical indicators, including moving average convergence divergence (MACD). MACD is a technical indicator, commonly used to measure price movements in an asset’s direction.
The regular strength index is a technical instrument that allows traders to measure the trading status of Bitcoin or any other asset’ by keenly analysing the current price movement. Based on these tools, according to the regular chart analysis, as of May 1, Bitcoin’s relative strength index (RSI) recorded 33, which has increased to 49 recently. This price analysis concludes the further figures of Bitcoin, stating the active Bitcoin outlay.
Disclaimer: We are obsessed with cryptocurrency and love to write articles to express our thoughts. This article is for informational purposes and contains the writer’s personal opinion. Don’t consider it financial advice from the author or the CoinzBTC team. Do your research and think twice before making any investment decisions. CoinzBTC does not take responsibility for any financial losses.
