Key Takeaways:
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The Bulcoin’s Bull Market still has a room to run with a target of $ 150,000- $ 300,000, analysts say.
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The BTC must certainly push above the $ 112,000- $ 114,000 zone to ignite a possible rally at $ 140,000.
Bitcoin’s (Btc) suddenly falling to $ 108,000 last week made it a 13% drawdown from $ 124,500 all-time high, sparking fear that the BTC prices may sink.
Despite this drawdown, some analysts argue that the Bull Market of Bitcoin has not yet begun, citing its performance in relation to gold.
Bitcoin Bull Market to resume in October
Number Cointelegraph continues To be surprised, both gold and US stock markets have Posted repeated all the timeWhile Bitcoin remains stuck as liquidity games prevent bulls.
Analysts don’t worry about gold in front of Bitcoin, as analyst Milk Road Macro Says,
“Bitcoin tends to follow gold, 3-4 months down the line.”
The comparison review showed that both gold/USD and BTC/USD pairs have formed the increasing wedge patterns, with gold falling up to the opposite in January.
In March, the “$ BTC began to mimic ‘Rise → I -Pause → Last Minute Spike’ Pattern” which was highlighting the green below, Analyst said, added:
“If the ties of the correlation, the $ BTC is now ready for a last minute spike until October/November, destroying its rising wedge.”
Milk Road Macro further explained that while Gold’s breakout represents about a 10% gain, “Bitcoin is known to greater return of this 5-10x percentage.”
They added that it puts the potential reversal of bitcoin acquisitions to 50% to 100% range, or $ 160,000 to $ 220,000.
Related: A Bitcoin Strategic Reserve can be bad for BTC and USD: Crypto Exec
The “Bull Market in Bitcoin has not begun,” Says 50tfunds CEO Dan Tapiiero in an X post on Monday.
He showed that the BTC/Xau pair was exchanged with a “massive cup and handle” pattern in the weekly time frame, which could lead to new price detection for Bitcoin over the next few weeks.
A break above the neckline at 37 xau opens way for the BTC/XAU pair to rally 446% towards the measured target of the cup pattern-and handle at 160 xau.
It points to a major price breakout for Bitcoin over the next few months.
Tapiero’s argument is a response to the crypto investor investor review Zynx, who Says The BTC/USD pair required to rise above $ 150,000 to “equivalent to all times high in gold.”
History, “Bitcoin has more than double its price in gold a little, usually more than that,” writes Zynx’s, adding:
“I will say that $ 300K is becoming more likely.”
Meanwhile, the contributing contributing to XWin Research Japan has already argued Bitcoin is still inside its bull marketBased on many onchain metrics.
Bitcoin should hold $ 112,000 for a “Push Higher”
Bitcoin hit an intra-day high of $ 112,293 on Monday, recovering the $ 112,000 level after it disappeared on Thursday. This will trade at $ 112,233 at the time of writing, up to 2.4% in the last 24 hours, according to data from Cointelegraph Markets Pro and Tradingview.
“The $ BTC explodes from the down -night line overnight after compressing all the late shorts,” Says Alphabtc in his latest review of X.
An accompanying chart showed that a major area of interest for the Bitcoin Bulls is now open to $ 112,000. Holding this level will see the price pushing towards the local high to $ 114,000, which signed the recovery strength.
“Looking at the level of 114K to the next, and then if it can hold 112k again for a push higher in October”
The 24-hour Bitcoin Heatmap heating showed that the price of BTC could target a large block of bid’s liquidity while moving higher. There are more than $ 612 million in ask orders between $ 112,350 and $ 114,000.
A sweep of this liquidity seems to be quite likely in the coming days, and a break above $ 114,000 can signal at the end of the correction.
Number Cointelegraph reporteda decisive move above $ 113,000- $ 114,000 zone immunity can confirm a breakout from a Bull flagOpening the door for a rally to $ 140,000 in the months in the future.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
