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The Cryptocurrency market is currently experiencing increased volatility, in particular with Bitcoin (BTC) that fluctuates dramatically. Recently the prize fell below $ 99,000 before he bound himself back to more than $ 106,000 within a period of only 24 hours.
Bullish Bitcoin setup in the midst of geopolitical tensions
In a recent after On social media platform X (formerly Twitter), analyst Cyclop suggested that BTC shows a bullish setup that is reminiscent of the patterns that are seen in March 2020 despite the current market conditions.
The analyst noted that Bitcoin seems to reflect his past movements, with a short dip followed by a rally for both BTC and Altcoins. Cyclop pulled parallels between the current geopolitical tensions in which Israel, Iran and the US and the market dynamics were observed during the COVID-19 crash.
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While he acknowledges Geopolitical battle And panic in the worldwide market are clear problems, he pointed out that both scenarios resulted in sharp but temporary sale followed by rapid recovery.
According to Cyclop, the current market setup shows comparable characteristics: widespread fear, a risk-off sentiment among investors and global uncertainty.
He emphasized the importance of understanding the timing from resolution to these tensions, which suggests that different bullish catalysts are needed for a robust rally to relieve the uncertainty of the market. He identified three important factors: potential interest ratesA ceasefires between Iran and Israel and Bitcoin with crucial support levels.
$ 120,000 by the end of the year?
Recently, a ceasefire was explained after 12 days of intense conflict between Iran and Israel. In a remarkable public statement, President Donald Trump criticized both nations, suggested that their actions were misled.
This period of relative calmness is seen as a positive indicator for the market. Cyclop emphasized that maintaining the $ 100,000 level for Bitcoin was crucial, and the Cryptocurrency has successfully broken the barrier of $ 106,000, which indicates further growth.
Moreover, Ethereum (ETH) has also shown signs of a fast recovery in addition to Bitcoin with its price that is approaching the most important level of $ 2,500. Cyclop advised investors not to try to time perfectly, because reversations can often feel disturbing and insecure.
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Looking ahead, Cyclop anticipates a Bitcoin consolidation phase within the range of $ 102,000 to $ 106,000, with expectations of an outbreak that BTC could push to an advertisement high of around $ 120,000 in November or December this year.
Bitcoin is currently being traded at $ 106,500 per coin. Despite constant economic uncertainties, the leading cryptocurrency of the market has an increase of 75% years to date.
Bitcoin, however, still acts almost 5% under the record high of $ 111,800, which was achieved on 23 May. The most important resistance level is $ 110,200, which has previously prevented a new pricing phase for Bitcoin for Bitcoin.
Featured image of Dall-E, graph of TradingView.com
Credit : www.newsbtc.com
