After the sharp corrections that occurred in late July, Bitcoin made a significant recovery. a modest recovery According to the latest data, prices have risen by 2.73 percent in the last week. data from CoinMarketCap. The premier cryptocurrency is now forced to sell within a price range of $116,000 due to another rejection. The crypto market is awaiting the next move of the token, but cumulative trading signals a potential price increase to new highs.
Gold Ratio in Sight: After volume shelf hold, Bitcoin targets $131K
It is a good idea to get in touch. X post Donald Dean, a popular analyst in the financial markets shares a bullish prediction for Bitcoin on 8 August. Dean predicts that the BTCUSDT chart will soon reach a market value of $131,000 based on its volume shelf.
A volume shelf is a level of price where there has been a lot of activity or trading. This level of activity is shown by the horizontal bar on the right-hand side of the chart. The volume shelf is often viewed as a good support and resistance zone, because it’s assumed that many traders have traded at or near this level.
According to Donald Dean’s analysis, Bitcoin is currently hovering around a volume shelf between $116,000 – $118,000, which has been identified as a potential launch area. Bitcoin’s ability to consolidate above this price range suggests this area has sufficient buying interest for it to act as a launch pad.
Dean predicted that the accumulation phase will provide BTC with the necessary momentum to push it towards the Fibonacci Extension Level of 1.618, also known as the “golden ratio.” This next price level is $131,000; it represents a 12.93% potential gain over current Bitcoin prices.
Bitcoin Market Overview
At the time of writing, Bitcoin was trading at $116,756, after a minor decline of 0.02% over the past 24 hours. Market trading volume fell by 20.97% and now stands at $55.24billion.
Data from CoinCodex indicates that market sentiment remains strongly bullish, with the Fear & Greed Index at 67. Despite their optimism, analysts still expect BTC’s price to stay within the current range. The analyst project prices at $117.167 in five day and $115.980 in 30 days.
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Source: www.newsbtc.com
