• Bitcoin’s price is holding steady around $29.1k with occasional dips below $29k.
• Analyst Jelle expects Bitcoin to surpass its former resistance level and reach $32.8k if the fractal setup continues.
• In the mid-long term, Jelle foresees price consolidation until after the next halving event, which could trigger a macro crypto bull rally.
Bitcoin’s Price Action
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.
Analyst Jelle’s Take on Bitcoin Price Action
One such optimistic voice is crypto analyst Jelle who suggests that Bitcoin’s price action may be mirroring a similar fractal trading pattern to the one observed after the November 2022 consolidation. During that period, Bitcoin experienced a substantial breakout, propelling its value towards $30k.
Jelle’s Expectation for Short-Term Price Movement
Jelle argues that if the current price action continues to follow this fractal setup, we might witness another significant breakout over the weekend. In the short term, he expects Bitcoin to surpass its former resistance level and reach $32.8k .
Mid-Long Term Forecast
In the mid-long term, Jelle foresees price consolidation until after the next halving event, which could trigger a macro crypto bull rally. Buying below $30K is seen as potentially profitable trade in coming years.
Crypto traders remain bullish in spite of occasional dips below $29K due to an expected rebound of prices based on post November 2022 fractal setup . The mid-long term forecast suggests buying below 30K beneficial as it could lead to higher profits in future years..