Bitcoin Bull Run Ahead? đ Key Levels to Watch
#BitcoinBulls #bitcoinbullrun2024 #BitcoinBullRally2024
Despite Bitcoin's recent decline, crypto influencer Michael Saylor remains bullish on holding the asset. Analysts speculate that a potential interest rate cut by the Federal Reserve, driven by U.S. employment data, could lead to a surge in risk assets like Bitcoin. On the technical side, Bitcoin has retested the bottom of its bearish channel, creating a potential setup for a rally.
A double bottom pattern and triple divergence hint at growth, with key targets set at $57,877.90, $66,755.85, and $74,537.70. The rally could begin from the current channel bottom or near the $49,000 - $50,096.10 support zone. A breakout above $57,877.90 would confirm the continuation of the uptrend, while a stop-loss at $49,000 signals a shift back to bearish territory. Key downside targets in that scenario are $41,218.20
and $34,494.20.
