2024-08-23 19:30:12 by NewsBTC

The rejection of lower prices after the climactic drop in early August assuaged trades. Despite the welcomed recovery, Bitcoin bulls are yet to build on the momentum and break above the local resistance levels. Even so, traders are optimistic, expecting buyers to take charge and resume the uptrend set in motion in Q1 2024. In their forecasts, more analysts think any breakout above $72,000 and July highs could spark a wave of demand that may see Bitcoin record fresh all-time highs above $73,800. Bitcoin Breaking To All-Time Highs Will Take Time Taking to X, one trader, pointing to Bitcoin’s historical price cycles, is convinced that there are two more phases to go before the coin breaks an all-time high and registers fresh all-time highs. In the past, all cycles tops–from the RSI Bollinger Band % Phases indicator, the analyst continued, tend to print out on the fifth move. So far, only three of these five cycles have been completed. Judging from the current state of price action, another analyst, commenting on this preview believes Bitcoin bulls may not have the momentum to break above $73,800 and sustain this level on the first attempt. Bitcoin to register all-time highs within two months | Source: @CryptoCon_ via XInstead, in the next two months or so, between September and October, the all-time high will be conquered. However, these gains will be extended with the coin printing new all-time highs in early January 2025. This forecast will align with the Bitcoin historical 4-year cycle. Will Bitcoin Find Favor In Q4 2024? As traders chip in, making predictions, another analyst, pointing to price data, notes that it has been 162 days since Bitcoin broke November 2021 highs and printed fresh all-time highs. Bitcoin breakout imminent | Source: @AxelAdlerJr via XThe previous cycle only required 209 and 188 days to print fresh all-time highs. Now that history favors Bitcoin in every last cycle of the year, the analyst expects prices to expand rapidly in the last three months. As of August 23, bulls are back in the equation, according to the Bitcoin bull-bear market cycle indicator. After fluctuating since early August, the signal is back to blue, pointing to interest, a net positive. Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingViewOverall, Bitcoin remains within a narrow range. Bulls must decisively push prices higher, reversing all losses of early August. However, any drop below $50,000 would trigger a sell-off to new H2 2024 lows. Feature image from DALLE, chart from TradingView Dalmas Ngetich Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.