Analyze Bitcoin

Bitcoin has regained key support levels during its recent recovery, and from a technical analysis perspective, a fractal pattern similar to the one seen during last year’s bull market breakout has formed on Bitcoin’s price chart.

If Bitcoin can sustainably break above the $66,000 pressure level, it may attract traders eager to enter the market, which will help Bitcoin prices further rise to new all-time highs.

This trend does not only affect Bitcoin itself, but may also spread to the entire altcoin market, leading to a significant increase in the cryptocurrency market in the coming months.

As Bitcoin prices recovered from lows below $59,000 to highs above $63,000, concerns about the cryptocurrency heading lower have significantly lessened. With the arrival of October, market optimism about Bitcoin is steadily increasing, and its price is expected to maintain an upward trend in the short term.

At the same time, there are only three weeks left before the 2024 US election. According to historical data, such events tend to stimulate bullish sentiment in the market.

In addition, the recent strong performance of gold and major stock indexes is also leading the overall bullish trend in the market.

#BTC