August 9, 2022

Hualienrainbow

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BTC Consolidation Could Last Longer Than Expected For BINANCE:BTCUSDT By Pedrocastrillo231

In my previous idea I was commenting on the possibility of a sell-off in the $58.000 area, where a wedge was forming.

After the breakout of this wedge to the upside, the price was traveling up to a high of almost $67.000 and now, after two weeks of consolidation, there is a possibility that the lateralization situation will last longer than expected due to the extensive promotion of the “altcoins season” in social networks.

With the price of Bitcoin ( BTC ) stuck in a sideways range of $60.000 to $63.000 analysts have been pointing out that this opens up the investment opportunity in the altcoins market which has been gaining more and more prominence and followers with an eye on the profitability of these cryptoassets.

Brazilian Tasso Lago, cryptocurrency expert and founder of Financial Move points out, however, that investors cannot leave Bitcoin aside, even though altcoins have been showing great returns.

According to him, Bitcoin has broken out of a wedge in recent weeks (referring to the bullish wedge I’ve pointed out on the chart) and is free to look for a new upside move.

For Lago, charts point to strong support in the region of $58.000 and $60.000, which shows that bulls are buying the dips and preparing for a new move that could break the all-time high of $67.000.

That means the stagnant BTC price has caused some traders to seek profits in altcoins, but analysts are confident that the next breakout will push the Bitcoin price above $70.000/$80.000.

In the hypothetical case that the Bitcoin price would suffer a crash or massive sell-off I strongly believe that the final price destination would be the last support mentioned in the chart.

On the other hand and in closing, most Bitcoin deposits to exchanges are being made through whale wallets, but exchange reserves continue to decrease, which is a bullish sign for BTC because the reduction in available supply tends to lead to price increases when demand spikes.

Having said all this and seeing what is happening with the whales and the exchanges’ BTC reserves, my approach is to continue to accumulate and buy the dips until we reach at least $70.000.

DISCLAIMER

The information contained herein is for information purposes only and does not constitute an investment recommendation, nor an invitation, offer, solicitation or obligation on my part to carry out any operation or transaction. This information is not a reflection of the firm positions (own or third party) of the participants in the Crypto Market.