• Bitcoin’s price has been holding steady around $29.1k despite occasional dips below $29k.
• Crypto Analyst Jelle believes that Bitcoin might experience a significant breakout over the weekend if the current price action continues to follow a similar fractal trading pattern observed in November 2022.
• In the mid-long term, Jelle foresees price consolidation until after the next halving event, which could trigger a macro crypto bull rally.
Bitcoin Price Analysis
Bitcoin’s price has been holding steady around $29.1k despite occasional dips below $29k. Traders and analysts remain bearish in the short term but some are optimistic about a potential breakout following a fractal trading pattern.
Fractal Trading Pattern
Crypto Analyst Jelle suggests that Bitcoin’s price action may be mirroring a similar fractal trading pattern to the one observed after November 2022 consolidation. During this period, Bitcoin experienced a substantial breakout, propelling its value towards $30k. If the current price action follows this setup, we might witness another significant breakout over the weekend with prices reaching beyond its former resistance level of $32.8k.
Mid-Long Term Outlook
In the mid-long term, Jelle foresees price consolidation until after the next halving event, which could trigger a macro crypto bull rally and drive prices even higher than before. Buying at levels below $30K is seen as potentially profitable trade in the coming years.
Opportunities for Traders
Traders and analysts anticipate recovery only upon retesting a macro-rising trendline; however, some crypto analysts have retained optimism about potential Bitcoin revival in coming days given its repeating fractal patterns and upcoming halving event that could trigger bullish market sentiment and propel prices higher than ever before..
Conclusion
Overall it can be concluded that buying at levels below $30K is seen as potentially profitable trade in light of repeating fractal patterns and upcoming halving events that could trigger significant breakouts over weekends and long-term bullish market sentiment leading to an overall rise in prices post consolidation period .