Bitcoin Soars Over $71K: Analyst Predicts Bullish Trend Just Beginning

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Strategically moving past local resistance levels, Bitcoin recently trended upwards, firmly establishing itself just above the $71,200 mark. Its upward climb to this ledge was much anticipated and warmly welcomed by holders. This upward thrust, however, is merely the starting whistle according to on-chain analyst, Willy Woo.

Woo, a consistent advocate for the bullish potential of the world’s most profitable coin, stands firm on his assertive attitude towards the current Bitcoin market. He vehemently believes that the rally Bitcoin is witnessing is merely at its halfway point in an otherwise prosperous journey ahead.

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Woo substantiated his prognosis with an intriguing chart. The chart shows the Bitcoin Volume Weighted Average Price (VWAP) oscillator’s performance. Reportedly, the oscillator has just made a power move from an oversold territory to take its place firmly at the zero mark, indicating a halfway milestone. Although Woo provided no specification on exactly when or at what price peak this ascent will culminate, his optimism for greater gains is palpable.

The necessity for a consolidation period before Bitcoin reaches its all-time high is critical, according to Woo. He considers a settled phase crucial, as it will give users an opportunity to accumulate before preparing the launchpad for Bitcoin’s ambitious ‘second leg’ – a leap that will potentially catapult the coin to record-breaking levels.

Bitcoin’s daily analysis anticipates this ‘second leg’ to be a breakout moment for the world’s most coveted virtual coin – a moment that allows the coin to witness a sharp rise above the high watermark set in March.

Basking in the limelight due to its bullish formation, Bitcoin’s upward trajectory, evident in its surge beyond the $68,000 mark and last week’s high, is significant in defining the current bullish tilt. Since the broad-ranging breakout on May 20 found resonance in high trading volumes, the probability of trend continuation appears to be solid. The confirmation of gains on May 20 will likely enable Bitcoin to shatter the $73,800 ceiling, in complete alignment with Woo’s prediction.

On a related note, another analyst echoed Woo’s bullish sentiments by asserting that the Bitcoin bull run is only getting started. Any disruptions notwithstanding, the analyst predicted that the bull run might very well extend for an additional 300 days. As a caveat, he pointed out that this outcome would stand only in the absence of unforeseen disturbances such as significant Bitcoin exchanges facing bankruptcy.

The analyst’s prediction rests on a detailed examination of short-term holders (STHs’) profit and loss analysis encompassing a 90-day moving average. While the STH stands noticeably higher, it is currently on a downward trajectory. Analysts view the STH as a handy tool for gauging market sentiments derived from short-term price movements and trader speculations.

With improving sentiment and recovering prices, the pace of Bitcoin’s climb will be pegged to external factors. The United States Federal Reserve’s impact via their monetary policy declaration and inflow to Bitcoin spot exchange-traded funds (ETFs) promises to be significant. As demand picks up post a brief lull, it fuels the propulsion of Bitcoin’s boon.

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Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.