Expert points out triggers for Bitcoin's surge – and the currency could take other assets with it
Recently cryptocurrency experts have identified in the price of Bitcoin (BTC) a pattern known as cup and handletranslated as “cup and handle”whose break could take the currency to US$ 150 mil.
This analysis was carried out by experts interviewed by the portal Cointelegraph. According to them, the cup and handle began to form in the end of 2021right after an important bullish cycle in crypto assets.
Thus, the pattern would be formed by a period of decline, followed by a brief cycle of growth that would form the rounded bottom of the cup. Next, the handle corresponds to a consolidation phase, which precedes a large bullish breakout.
Just look:
At the moment, Bitcoin fluctuates between US$65 thousand and US$69 thousandand according to analysts consulted by the portal, we would be in a consolidation phase of the “cup and handle” pattern.
According to them, the “cup and handle” pattern will be resolved by breaking the resistance of the US$ 65 milbeing able to achieve a “target range $110k to $130k” for the price of BTC.
In other words, based on the image above, it may only be a matter of time before the coin starts to soar again.
But if you're not very familiar with charts and technical patterns, believing that Bitcoin can reach $150,000 based solely on drawings on the price chart may seem like a stretch. unreliable.
Walter Rebeloa cryptocurrency expert at Empiricus Research, points out that although technical analysis is one way to evaluate risky assets, in general it “does not fundamentally explain why the price moves the way it does”.
In Rebelo's fundamentalist analysis, however, there are also reasons to believe in a strong rise in Bitcoin soon.
This is because credible reasonslinked to macroeconomic factors, reinforce the thesis that the currency can reach US$ 150 thousand.
Neither 'cup' nor 'handle': what's really behind Bitcoin's possible surge?
O Bitcoin (BTC) really seems to be giving investors a “waiting tea”. The expectation was that the world’s main cryptocurrency would soar after the halving which happened on April 19th of this year.
But since the event, the cryptocurrency has been trading in the mid-range US$ 62 milaccording to the website Investing.com.
Walter Rebelo had already warned investors that, historically, after the halving, a drop in price of crypto assets. Therefore, the investor should not despair because, in addition to being an expected behavior, there was important fundamentals for the recovery of the currency.
The economist highlights that, in recent cycles, the “turning point” in the price of Bitcoin began on average 150 days after halving. And, this Friday (20), “we have been 154 dias of the most recent halving”, points out Rebelo.
Coincidence or not, there is two daysthe main trigger pointed out by the specialist was also triggered. I'm talking about the decision of the Fed (American Central Bank) that chose to cut in 50 points the US base interest rate.
Rebelo explains that the beginning of a monetary easing cycle can increase the market liquidity.
In other words, with US interest rates falling, the dollar gets cheaper and investors' appetite for risk assets, including cryptocurrencies, is increasing.
Furthermore, the expert also points out another trigger: the payment of approximately $16 billion from bankrupt FTX. According to Rebelo, the return of this amount could be used to invest in the cryptocurrency market.
Thus, the combination of factors is, in the expert's view, one of the main reasons for Bitcoin to take off.
According to Valter's estimates, the currency could reach US$ 150 mil. However, he highlights that there is another group of cryptocurrencies that can deliver even greater returns than Bitcoin.
See a class of cryptocurrencies that can generate returns of up to R$1 million in the next 12 months
If Bitcoin can reach the US$ 150 milat this moment we are facing an investment with the potential to 137% appreciation.
But most likely You won't become a millionaire by investing in Bitcoin. Although the currency has great return potential, to reach R$1 million it would be necessary to invest a very high amount.
And even though Bitcoin is a more developed cryptocurrency, we are still talking about a very volatileand which, therefore, must occupy a small slice of your investment portfolio.
In this sense, the cryptocurrency expert at Empiricus Research has recommended investing in smaller cryptocurrencies than Bitcoin for two main reasons:
- They are active cheaper than BTC; e
- They have the potential to deliver even greater value.
It turns out that, in addition to Bitcoin, the cryptocurrency market has other assets that tend to follow BTC's performance.
In other words, if Bitcoin goes up, these coins also tend to go up, and the opposite also happens. But, since these are assets that are still in developmentprice movements tend to be more expressive.
It was with this in mind that Valter Rebelo selected a list of cryptocurrencies that can generate up to R$1 million in profit in the next 12 months.
On the day September 23the specialist will perform a free transmission in which he will better explain how it is possible to reach the first million by investing in cryptocurrencies and how to access the list of assets that can help you reach this goal.
Additionally, you may have the chance to receive R$200 to invest in one of the currencies on the list. In order to have access to the “gift” and the selection of cryptocurrencies, the first step is to register free in the list of interested parties, by clicking the button below: