Midnight Thoughts
The price of Bitcoin has currently risen to 72858. From the hourly chart, the price has not closed with a downward trend, which seems to indicate that it is very likely to reach a new historical high.
During the high-level consolidation period, there has only been a single bearish pullback, and more often there are bullish consolidations, with the lows gradually rising. Whether it's the short-term 4-hour chart or the hourly chart, the recent correction patterns are developing towards an upward angle. It can be seen that the pullback strength is very small. Generally speaking, the stronger the market, the smaller the pullback during the correction phase. Therefore, the next rebound of Bitcoin is expected to break through the historical high of 73856. Thus, the short-term trend has shifted from a decline to an increase.
The U.S. election is a recent market focus, with different candidates having varying policy inclinations. However, in terms of core economic development issues, they all face high deficits and high inflation risks, which could even have significant impacts on global geopolitical relations.
From the perspective of patterns, although there are recent oscillating factors in the market, the overall bullish trend remains unchanged. There have been no consecutive declines, and the lows continue to rise. Therefore, Bitcoin is expected to continue rising and test the highs. As the saying goes: in a one-sided trend, there is only one top, and currently, there are no signals indicating a top formation, so continue to follow the trend to go long and remain bullish.
