Hello everyone! Today, I'm keeping it straightforward. I've got a mind-blowing chart to show you that highlights a pattern recurring in every single Bitcoin bull cycle. Stick around for this, as I'll also update you on Bitcoin, Ethereum, altcoins, and traditional markets.
We'll discuss potential squeezes, leverage being flushed out, and imminent price movements. Are we about to see an altcoin season? Let's dive in from the start to the end.
Welcome back! I'm Chris, bringing you daily cryptocurrency videos to help you make money. Yesterday, we analyzed Bitcoin, which saw a bit of a pullback. The Orange Box was trying to hold the Bitcoin price, but it didn't manage to.
We had a significant red candle dropping to $59,900, followed by a bounce. Interestingly, we didn't go as low as the previous swing low, forming a higher low, which is positive. We're now retesting the orange line; if we break through, we might see a short-term positive trend for Bitcoin.
Bitcoin Analysis
Zooming out, I think Bitcoin will mostly move sideways for the rest of this month and into July. On shorter time frames, there are clues to watch for.
Ethereum Update
Ethereum is also moving sideways, with an expected ETF launch soon. Yesterday's key data release led to digital markets hitting a new all-time high before a sell-off.
Traditional markets also dipped. On the daily timeframe, we haven't closed above the critical $55,565 level. It's crucial because traditional market performance often impacts Bitcoin.
Market Data Insights
Yesterday's data showed cooling inflation, aligning with expectations. Potential liquidations indicate that not much is towards the downside, but there is a squeeze potential at $61,500.
If Bitcoin hits this level, shorters could get squeezed, pushing the price up to $62,000. Let's watch this closely.
The Mind-Blowing Chart
Now, let me show you the mind-blowing chart. It reveals a clear pattern in Bitcoin bull markets.
- Triangle Formation: We see a breakout, a new all-time high, a parabolic phase, and then a bear market.
- Trend Lines: There’s an upward-sloping trend line and a horizontal trend line. The bottom formed took 1,064 days to reach the cycle peak, involving a consolidation phase before a parabolic move.
- Recent Trends: The same pattern appears: consolidation, an upward trend line, and a potential parabolic phase. This weekly timeframe suggests that even if correct, it will take time to unfold.
Ethereum to Bitcoin Ratio
Analyst Ali suggests that breaking through a specific trend line in the Ethereum to Bitcoin price ratio could signal the early start of an altcoin season. While I don't expect a massive altcoin season soon, breaking this point could lead to early gains in altcoins. I’ll share a video soon covering specific altcoins to watch.
Ethereum ETF and Legal Updates
The Ethereum spot ETF is expected to be approved in the next two weeks. Meanwhile, the SEC is suing ConsenSys, the creator of MetaMask, over liquid staking protocols like Rocket Pool and Lido.
I don't think the SEC will win this lawsuit, but we'll keep an eye on it. Token prices for these protocols dropped, but I expect them to recover.
Thank you for tuning in! Keep an eye out for more updates and insights into the cryptocurrency market.