Greetings to you on the crypto site. My name is Viktor and today I will share my opinion about #bitcoin, #btc-usdt, using the TradingView service, here Bitcoin Forecast for the Week of 22-07-2024.
Bitcoin Forecast
today we are going to look at technical analysis and forecasts for Bitcoin (BTC) and other cryptocurrencies. In this video, I discuss important news, analyse the monthly, weekly, and daily charts of BTC, and analyse the dominance of Bitcoin and USDT. I would like to remind you that this is not a financial recommendation, but only my personal opinions and analysis.
TradingView analysts
I often turn to the experts at TradingView to understand the general market sentiment. This time, I used their analytical data to analyse bitcoin. The general ideas show different scenarios for the development of the BTC rate. Some analysts believe that a move to $128,000 is possible based on previous signals and trends. Other experts, using artificial intelligence, predict the development of a bearish pattern, which could lead to a decline in the rate.
Bitcoin monthly chart
On the monthly chart, bitcoin shows positive signals for investors. After the fourth halving was completed, the reward for miners decreased from 6.25 to 3.25 bitcoins, which reduced the number of new bitcoins on the market. This could lead to a price increase, especially given the positive news about the approval of a spot bitcoin ETF in Hong Kong.
From a technical perspective, bitcoin is in an accumulation phase, as evidenced by the green candle on the monthly chart. This indicates a potential price increase to $85,000 this autumn. After a period of decline, we can expect a return to growth.
Weekly chart of BTC
The weekly chart also shows positive trends. After a recent decline, bitcoin is showing signs of recovery. USDT’s dominance has dropped from 5.5% to 5%, indicating an outflow of capital from stablecoins to bitcoin and other cryptocurrencies. This is a positive signal for further growth.
Technical indicators point to a possible rise to new highs. It is important to follow the news and market trends to make informed investment decisions.
Dominance of BTC and USDT
The dominance of BTC and USDT are important indicators for understanding the overall market situation. The greater the dominance of bitcoin, the more investors are inclined to buy BTC, which can lead to an increase in its price. At the same time, a decline in the dominance of USDT indicates an increase in investor confidence in the cryptocurrency market and their shift to assets with higher growth potential.
Daily chart of BTC (Bitcoin)
On the daily chart, we use several indicators to identify possible pivot points. The divergence indicator shows that the rate has passed the overbought zone and is now heading upwards. The MACD indicator also shows an upward trend. Fibonacci shows that the rate is moving from the red zone to the middle zone. According to the stochastic indicator, the rate is moving from the underbought zone to the overbought zone, which also indicates the possibility of continued growth.
To sum up, we can say that bitcoin is showing steady growth on different timeframes. The monthly chart indicates the possibility of significant growth in the autumn, the weekly chart confirms the potential for reaching new highs, and the daily chart shows that there are already conditions for continued growth. Bitcoin’s dominance remains high, which is also a positive signal for the market.
I recommend following the news and indicators to make informed investment decisions. Remember that this is not a financial recommendation, but only my personal opinion. I wish you success in crypto trading and investments! Don’t forget to donate to the Armed Forces and support our country in this important time.
