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Cryptocurrencies: gurus encourage a Bitcoin skyrocket

Cryptocurrencies: gurus encourage a Bitcoin skyrocket

Although the cryptocurrencies started the week low, gurus believe a bull cycle is on the horizon, which has investors excited.

In the last few hours, the Bitcoin came to fall 3% below US$27,000 and ethereum it followed the same trend as the main cryptocurrency and fell to around $1,700.

What will happen to Bitcoin?

Beyond the sudden drop, the popular trader and analyst Rekt Capital considered in the last few hours that the cryptocurrency market is about to leave its problems behind and is about to enter a bullish cycle.

“Next Saturday, the BTC monthly candle will have closed above the downtrend macro to confirm a new bull market,” Rekt Capital commented. For now, Bitcoin finds resistance to take $28,000 as support.

Fausto Botelho, a trader and financial analyst with more than 40 years of experience in the market, spoke to BeInCrypto during Bitconf 2023, saying that the market is “about to see Bitcoin break free from the shackles of the traditional market.” In his opinion, a major global economic crisis could be the catalyst for this separation.

For his part, the CEO and founder of the investment firm Capriole, Charles Edwards, has described the behavior of the Bitcoin price this year as a “bump & run” reversal and considered that it could shoot up to the u$ $100,000.

“The bottom of a bump-and-run reversal is a bullish reversal pattern that begins with a series of descending peaks. Excessive speculation drives prices down to extreme lows,” explained the Cointelegraph portal. “The price action then reverses the direction to the upside and marks the end of the downtrend,” he added.

Source: Ambito

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