Bitcoin (BTC), the world’s leading cryptocurrency, has long been seen as a representation of the broader crypto market. As we enter June 2024, this perception continues to hold true, with BTC poised for both a potential crash and a significant surge after a period of stagnation.
This simultaneous sense of boom and bust can be observed across various assets, creating a paradoxical state in the overall economy. While fears of a crash loom large, most forecasts remain bullish.
When it comes to Bitcoin, however, technical analysis may provide some clarity on what lies ahead for investors. After experiencing a sharp rise in the early months of 2024, Bitcoin entered a phase of sideways trading, characterized by substantial volatility and price swings between $59,000 and $71,000.
Despite a year-to-date increase of 60.51%, Bitcoin saw a modest rise of only 9.41% in the past 30 days and 0.41% in the past week. Currently priced at $70,017, the day’s trading has already seen significant volatility.
On June 3, BTC appears poised to break out of a symmetrical triangle chart pattern, as analyzed by prominent crypto expert Ali Martinez. If Bitcoin can maintain a price above $69,330, it is likely to surge to as high as $74,400.
However, this potential breakout coincides with a signal from the TD Sequential technical indicator, which suggests that Bitcoin may experience a correction towards either $68,700 or $68,050, according to Martinez.
Despite this sell signal, Martinez believes that if Bitcoin remains consistently above the crucial resistance level at $69,300, a bullish breakout is still probable.
It’s important to note that this information should not be considered investment advice, as investing in cryptocurrencies is speculative and carries risks.
