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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
crypto bitcoin uptrend

Chartered Market Technician Claims Crypto Poised For Strong Uptrend

Tony Spilotro by Tony Spilotro
3 years ago
in Cryptocurrency news, Bitcoin
Reading Time: 2 mins read
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The Bitcoin halving has now passed, and crypto investors everywhere are gearing up for the next bull market.

According to a chartered market technician, a new uptrend forming isn’t just speculation and hype. The analyst claims while it may not happen “overnight” another leg up and a “strong uptrend period” will soon occur in Bitcoin.

When Will the Next Crypto Bull Market Begin?

Bitcoin has been in a secular bull market for most of its existence. After the asset broke out from its first extended downtrend, it climbed to $20,000.

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Along the way, it ignited a strong interest in other crypto assets called altcoins. These altcoins, like Ethereum, Ripple, Litecoin, and many others, exploded in value and reached irrational prices due to retail FOMO.

Related Reading | Stimulus Checked: Here’s The ROI on a $1,200 Investment in Top Crypto Assets

The bubble popped, Bitcoin and altcoins collapsed, and the downtrend cycle repeated.

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Bitcoin continues to contend with critical resistance above $10,000 and it is keeping the overall crypto market at bay.

However, according to a chartered market technician with over 15 years of experience in classical technical analysis the rally crypto investors are waiting for will soon be here.

A very strong trend period is approaching on #BTCUSD This is a monthly scale price chart so don't expect miracles overnight, but the long-term trend remains up and can have another leg up. #cryptocurrency #Bitcoin pic.twitter.com/lJTneyCa15

— Aksel Kibar, CMT (@TechCharts) May 15, 2020

Chartered Market Technician Expects Strong Uptrend in Bitcoin Soon

Aksel Kibar, CMT, ex portfolio manager and operator of Tech Charts claims that Bitcoin is ready for a “very strong uptrend period.” This is due to the long-term trend remaining “up,” presenting the possibility of “another leg up.”

Analysts across the crypto space are a dime a dozen, but Kibar isn’t your normal cryptocurrency analyst hiding behind a duck or dog avatar.

Related Reading | Global Macro Economist Shares 3 Perfect Bitcoin Charts With $1M BTC Targets

Kibar’s charts are near flawless, with very few indicators used or lines drawn. The analyst focuses only on classical charting techniques and is endorsed by the likes of Peter Brandt – a world-renowned career trader with over 30 years of trading commodities.

The ex portfolio manager rarely charts crypto, but the Bitcoin halving may have caught the analyst’s attention.

The chart shared is of Bitcoin on monthly timeframes, so the analyst warns not to expect “miracles overnight.” But even Kibar can’t deny how bullish Bitcoin price charts are given the asset’s history of success.

Bitcoin‘s halving has long been expected to bet he catalyst that kicks off the next bull market as it has done in the past. Upside targets from global macro economists point to valuations of over $1 million per BTC in the future.

Whether this happens in the next crypto uptrend and leg up that Kibar points to is unknown, but this extended period of bullish price action should be here soon.

Featured image from Pixabay
Tags: Aksel KibarbitcoinbtcusdBTCUSDTcryptoPeter Brandtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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