Bitcoin in Final Few Days Before Transitioning Into Parabolic Phase, Says Trader – Here's His Outlook
Technical Analysis Rekt Capital notes that Bitcoin has broken above a crucial resistance level at $11,500, which has now become support. This is a bullish sign, as breaking and holding above resistance levels often leads to further upward momentum. In addition, the analyst highlights the bullish crossover of the 50-day and 200-day moving averages, known as the "golden cross." This technical indicator is seen as a strong buy signal by many traders and could potentially signal a long-term bullish trend for Bitcoin. Fundamental Analysis In terms of fundamental analysis, Rekt Capital points to the recent trend of corporate companies and institutions investing in Bitcoin as a strong bullish indicator. The recent announcement by MicroStrategy to purchase $250 million worth of Bitcoin as part of its treasury strategy is just one example of this growing trend. In addition, the upcoming Bitcoin halving event in 2024 is also seen as a potential catalyst for a price increase, as...