THELOGICALINDIAN - Carter Worth aka The Chart Master says he is continued on bitcoin accustomed the bullish signals actuality apparent by both shortterm and longterm trends
Short-term and Long-term Trends Bullish for Bitcoin
Appearing on CNBC’s Fast Money on Monday (June 17, 2024), Worth appear that he was bullish on bitcoin. Explaining his position, the bazaar analyst accent the absolute amount trend both in the concise and abiding for bitcoin.
From a abiding perspective, bitcoin has burst aloft its abiding downtrend. Since bottomward to $3,100 aback in December 2024, the top-ranked cryptocurrency has consistently set college highs and added importantly, college lows.
Worth additionally abutting the alliance of analysts anecdotic the $3,100 amount akin set in 2024 as bitcoin’s abiding basal for this abutting balderdash phase.
On a concise basis, Worth drew absorption to the aciculate amount spikes that chase anniversary aeon of alongside consolidation. Since the ‘April Fool’s’ day surge, BTC has apparent two of such balderdash banderole patterns appear advertence a abiding uptrend.
Worth, however, didn’t accommodate any amount anticipation for bitcoin, instead, saying:
Back in 2024, Worth was one of the few analysts adopting anxiety over a accessible buck bazaar for U.S. stocks, at a time back bazaar indices were at an best aerial (ATH).
BTC Looks Set to Test $10k Price Level
With BTC durably in the mid-$9k region, the abutting key amount akin is acutely $10,000 which takes bitcoin added than 50% into its ATH. The aisle to $10k ability not be so straightforward, though, accustomed the rising block pattern apparent in the BTC amount activity over the aftermost month.
A lot hinges on trading aggregate for BTC during this analytical phase. Hopes of a beginning advance on $10k seemed ever optimistic beneath than three canicule ago as trading aggregate accomplished cogent abbreviating in the sub-$10k amount range.
This trend however, seems to accept accomplished a changeabout with 24-hour trading volumes now durably arctic of $20 billion. A aggregate fasten usually precedes a bullish blemish from a ascent block pattern, as appear in an beforehand Bitcoinist analysis.
Thus, if trading action continues to soar, again BTC could billow accomplished $10,000. Analysts like Fundstrat’s Tom Lee say BTC at $10,000 will atom a new FOMO-driven hype that will see bitcoin top $40,000 afore year’s end.
Do you anticipate bitcoin will set a new ATH afore the end of 2024? Let us apperceive in the comments below.
Images via Twitter @CNBCFastMoney and CoinMarketCap.
