Bitcoin Price Prediction: This Week's Trends and Q4 History
BTC fluctuated last week, reaching a two-month high of $66,500 before sliding to $59,500. The top cryptocurrency rose to $64,500 on Monday.
Rising Highs and Bullish Trends
Doctor Profit, a crypto expert, said that Bitcoin has reached a new higher high for the first time since its all-time high in a recent article.
The expert says this contradicts the pessimistic narrative that Bitcoin will continue to decrease based on higher highs and lower lows. âTheir own theory has given them a slap right in the face,â he said, implying that recent price action should wake up doubters.
Doctor Profit has recognized that substantial lateral movement, especially with important moving averages, breaks the higher high/lower low pattern.
The analyst said that Bitcoin's latest retest of the 50-day moving average (MA50) at $60,000 showed significant bullish momentum, confirming his optimistic outlook. Doctor Profit will add long positions around $60,400 if the market returns there.
Doctor Profit believes Bitcoin will hit $66,000 shortly as a short-term goal. He underlined the importance of incoming economic statistics, including PPI and CPI inflation readings on Thursday and Friday.
Bitcoin consolidation nearing end?
After almost six months of languishing below $70,000, TedPillows, another expert, said that Bitcoin's consolidation period may be ending.
He found that BTC consolidated for 161 days after the 2016 halving and 175 days after the 2020 halving.
Pillows implies that Bitcoin is likely leaving or nearing the end of its 168-day consolidation period. This study suggests Bitcoin might break the March record of $73,700.
