Twitter’s @CryptoJelleNL says that a 6-year ascending channel will push the Bitcoin price to new heights. According to historical data, Bitcoin has never breached this channel. A critical resistance above $30,000 will be the next bull market exit.
Historical data points to $175,000 for Bitcoin
The crypto analyst nicknamed Jelle points out an ascending channel in which Bitcoin has been trading for 6 years. BTC has not broken this channel despite all the crashes, volatility and dumps and pumping.
According to the analysis, Bitcoin is currently trading at the bottom of the ascending channel. Meanwhile, support is gaining strength from the trendline upwards. This indicates that prices have generally been hovering in the bottom region in recent months. The analyst says that the rejection of lower lows (HH) and the bounce from the support trendline signal bullishness and push the bulls straight into the discussion.
We have spent the past 6 years inside this channel.
Once we break $32,000, I expect the new bull market to take us to the highs of the channel again.
Final target: $175,000. pic.twitter.com/2wOEL1MhLi
— Jelle (@CryptoJelleNL) July 21, 2023
According to the analyst, the ultimate bull market target of the said channel is at $175,000. For this run to begin, the bulls must pass a critical resistance.
It will start when this level of $ 175,000 is broken
According to the analyst, a break above the upper resistance level of around $32,000 will potentially trigger a new bull run that could see BTC hit the $175,000 highs of the ascending channel.
Still, given the volatility in crypto, the bullish forecast cannot be ignored. As an example, the last bull run took Bitcoin from under $10,000 to $69,000 in less than two years. Therefore, if Bitcoin bulls rise above $32,000, a price level that the analyst claims is significant, it could be a bullish signal that could be the start of another bullish resumption of the bullish pattern that took action between 2020 and 2021.
Meanwhile, spot ETF applications and central bank policies are among the main factors influencing BTC price. In the past weeks, the SEC has rejected several spot Bitcoin ETF applications. However, BlackRock’s participation, which manages trillions, was received positively. cryptocoin.comA Santiment report, which we cited as , confirmed that the mid-June rally was largely driven by the ETF.
Michaël van de Poppe is more cautious
Another analyst, Van de Poppe, said that it would be healthier for the BTC price to drop to $29,000 first. The analyst says that this level will prepare the ground for the long position. In such a case, BTC bulls will take action to reclaim the 30,200-30,400 zone. Van de Poppe predicts that we will probably climb to $31,500 in the optimistic scenario.
Still a waiting game for #Bitcoin.
I'm either interested at $29,000 for longs (sweep of the low) or reclaim of $30,200-30,400 and then we'll probably play it fast towards $31,500. pic.twitter.com/McuDvJFQvZ
— Michaël van de Poppe (@CryptoMichNL) July 22, 2023
After looking at the XRP chart, Poppe said that the $0.66 level would be an opportunity for a long position. The analyst says that this position will be ideal for taking profits at the level of $ 0.825.
