{"id":33353,"date":"2023-11-28T23:52:35","date_gmt":"2023-11-29T03:52:35","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=33353"},"modified":"2023-11-28T23:52:35","modified_gmt":"2023-11-29T03:52:35","slug":"bitcoin-storms-past-38000-once-more-anticipating-breakout-to-new-annual-peak","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/28\/bitcoin-storms-past-38000-once-more-anticipating-breakout-to-new-annual-peak\/","title":{"rendered":"Bitcoin Storms Past $38,000 Once More, Anticipating Breakout To New Annual Peak"},"content":{"rendered":"

Bitcoin (BTC) has again demonstrated its bullish momentum<\/a> by surging above the $38,000 mark. Breaking free from the recent trading range between $36,500 and $37,500, BTC currently trades at $38,100, slightly below its yearly high of $38,400 achieved on Friday, November 24.\u00a0However, this is just one of the many milestones <\/a>BTC has achieved during its ongoing bullish resurgence.<\/p>\n

Bitcoin Achieves New 52-Week Closing Record<\/h2>\n

According <\/a>to crypto trading firm The Birb Nest, Bitcoin has set a new 52-week closing record by a small margin, holding above $32,000 for four consecutive weeks, demonstrating the continued strength of the uptrend.\u00a0<\/p>\n

Per the firm\u2019s analysis, the observed performance aligns with the principles of Elliott Wave Theory and signifies the presence of the third wave within the ongoing bull market<\/a>.<\/p>\n

Notably, of the five waves outlined in the theory, the third impulse wave is a visually captivating and crucial element of the overall pattern.<\/p>\n

Following the consolidation phase of the second wave that Bitcoin experienced between August and October, as seen on the 1-day chart of BTC above, the emergence of the third wave<\/a> is characterized by a breakout that drives price action in line with the prevailing trend.<\/p>\n

In particular, this wave is known for its extended nature, which often exceeds the length of the first wave, which began at the beginning of January 2023 for BTC.<\/p>\n

The third wave exhibits a substantial extension relative to the length of the initial wave, typically reaching the 161.8% Fibonacci level. In simpler terms, the third wave can be interpreted as a 161.8% Fibonacci extension of the first wave.<\/p>\n

Solid Support Levels Reinforce Positive Outlook For BTC\u00a0<\/h2>\n

According to The Birb Nest, key technical indicators further support Bitcoin\u2019s market momentum. The 200-week moving average (MA) at $29,130 and the 50-week MA at $27,450 serve as solid support levels, reinforcing the positive outlook<\/a> for the cryptocurrency.<\/p>\n

Additionally, Bitcoin\u2019s correlation coefficient has risen to 0.75, indicating an increased synchronization with the performance of the S&P 500. This correlation can be viewed as a positive sign, particularly as the S&P 500 and Nasdaq enter their \u2018Best Months\u2019 strategy, which historically has been associated with market gains.<\/p>\n

Furthermore, the firm believes that anticipation surrounding the upcoming Bitcoin halving event and the potential approval of a Bitcoin spot exchange-traded fund (ETF) is fueling investor interest. These factors hint at the potential for further market upturns<\/a> and provide an optimistic outlook for Bitcoin\u2019s future.<\/p>\n

It remains to be seen if the current bullish momentum will be sustained and if BTC can consolidate above $38,000 and target the $40,000 level yet to be reached in 2023.<\/p>\n

Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin (BTC) has again demonstrated its bullish momentum<\/a> by surging above the $38,000 mark. Breaking free from the recent trading range between $36,500 and $37,500, BTC currently trades at $38,100, slightly below its yearly high of $38,400 achieved on Friday, November 24.\u00a0However, this is just one of the many milestones <\/a>BTC has achieved during its ongoing bullish resurgence.<\/p>\n

Bitcoin Achieves New 52-Week Closing Record<\/h2>\n

According <\/a>to crypto trading firm The Birb Nest, Bitcoin has set a new 52-week closing record by a small margin, holding above $32,000 for four consecutive weeks, demonstrating the continued strength of the uptrend.\u00a0<\/p>\n

Per the firm\u2019s analysis, the observed performance aligns with the principles of Elliott Wave Theory and signifies the presence of the third wave within the ongoing bull market<\/a>.<\/p>\n

Notably, of the five waves outlined in the theory, the third impulse wave is a visually captivating and crucial element of the overall pattern.<\/p>\n

Following the consolidation phase of the second wave that Bitcoin experienced between August and October, as seen on the 1-day chart of BTC above, the emergence of the third wave<\/a> is characterized by a breakout that drives price action in line with the prevailing trend.<\/p>\n

In particular, this wave is known for its extended nature, which often exceeds the length of the first wave, which began at the beginning of January 2023 for BTC.<\/p>\n

The third wave exhibits a substantial extension relative to the length of the initial wave, typically reaching the 161.8% Fibonacci level. In simpler terms, the third wave can be interpreted as a 161.8% Fibonacci extension of the first wave.<\/p>\n

Solid Support Levels Reinforce Positive Outlook For BTC\u00a0<\/h2>\n

According to The Birb Nest, key technical indicators further support Bitcoin\u2019s market momentum. The 200-week moving average (MA) at $29,130 and the 50-week MA at $27,450 serve as solid support levels, reinforcing the positive outlook<\/a> for the cryptocurrency.<\/p>\n

Additionally, Bitcoin\u2019s correlation coefficient has risen to 0.75, indicating an increased synchronization with the performance of the S&P 500. This correlation can be viewed as a positive sign, particularly as the S&P 500 and Nasdaq enter their \u2018Best Months\u2019 strategy, which historically has been associated with market gains.<\/p>\n

Furthermore, the firm believes that anticipation surrounding the upcoming Bitcoin halving event and the potential approval of a Bitcoin spot exchange-traded fund (ETF) is fueling investor interest. These factors hint at the potential for further market upturns<\/a> and provide an optimistic outlook for Bitcoin\u2019s future.<\/p>\n

It remains to be seen if the current bullish momentum will be sustained and if BTC can consolidate above $38,000 and target the $40,000 level yet to be reached in 2023.<\/p>\n

Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>\n

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