Key Points:
Analysis indicates that after Bitcoin returns to $114,000, this bull market has not yet peaked.
History shows that if $124,000 is the top, this bull market cycle will be too short.
Changes in liquidity bring "predictability" to Bitcoin (BTC) price rebounds.
Bitcoin (BTC) is "unlikely" to run out of fuel on the momentum of new highs. The latest analysis suggests that as the price breaks through key resistance, Bitcoin is expected to continue rising.
In the latest market report, well-known trader and analyst Rekt Capital stated that Bitcoin (BTC) price is likely to restart the price discovery phase.
Affected by favorable macroeconomic conditions in the U.S., Bitcoin returned above $114,000 on Wednesday, giving bulls more reasons to celebrate.
Rekt Capital emphasized on the X platform that BTC/USD not only broke the local downtrend but is also challenging the important resistance area of $113,000.
Rekt Capital noted in an accompanying chart explanation that each time there is a pullback from $113,000 (red), the magnitude of the pullback is gradually decreasing.
Bitcoin ended several weeks of decline on September 2, closing above the corresponding trend line, after the price had touched a nearly two-month low the day before.
Despite many bearish predictions accompanying the drop below $108,000, Rekt Capital stated that the likelihood of Bitcoin having peaked in this bull market is low, as this would mean this cycle is one of the shortest in history.
Market participants are focused on the potential short squeeze that may occur that day.
Well-known commentator TheKingfisher pointed out that currently, "the vast majority" of liquidity is positioned above the spot price, creating short-term appeal.
🚨 $BTC: This liquidation map shows a clear setup. Most of the action is above the current price, meaning short liquidations are stacked. Look at 112,631.54. That's a huge cluster for shorts to get flushed. We're looking at an optical opti timeframe here, so this plays out over a… pic.twitter.com/CpuEUacDF0
Trading resource Material Indicators co-founder Keith Alan confirmed on the X platform that resistance is expected near the 50-day simple moving average (SMA), which is also close to the psychological level of $115,000.
Material Indicators stated, "The entire trend shows a certain predictability based on dynamic liquidity distribution and large whale order flow."
Related: The U.S. Securities and Exchange Commission (SEC) delays decisions on BlackRock and Franklin Templeton cryptocurrency ETFs.
Original text: “Bitcoin (BTC) price cycle 'increasingly prolonged,' latest prediction says $124,000 is not the top”
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