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 create 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 on the short-term 4-hour chart or the hourly chart, recent correction patterns have been developing in an upward angle. It can be seen that the pullback strength is very small. Generally speaking, the stronger the market, the smaller the pullback strength during the correction phase. Therefore, the upcoming Bitcoin rebound 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. elections are the recent market focus, with different candidates having varying policy inclinations. However, on the core issues of economic development, they all face high deficits and high inflation risks, which even have significant impacts on global geopolitical relations.
From a pattern analysis perspective, despite the recent market having some volatility factors, the overall bullish trend remains unchanged. There have been no consecutive declines, and the lows keep rising. Therefore, Bitcoin is expected to continue to rise and test high points. As the saying goes: in a unidirectional trend, there is only one top, and currently, there are no signals of a top formation; continue to follow the trend and remain bullish.
