Bitcoin Looks to Turnaround: Could There Be a New All-Time High on the Horizon? cryptoforbs

Crypto Rover, an experienced cryptocurrency trader and analyst, recently subscriber Insights suggest that Bitcoin’s current trajectory may be changing. Based on the latest technical analysis, Bitcoin may soon paint a brighter bullish picture.

Bitcoin Breaking from the downward shackles

In its latest analysis, Crypto Rover explained the turning point in Bitcoin’s price action. It has been observed that the leading cryptocurrencies are making progress in breaking the long-term negative trend that has been going for 77 days. This shift represents a historic moment for Bitcoin, which has been trapped in bearish confines for a long time.

Crypto Rover’s assertions are not without merit. The analyst expects a more tangible bullish reversal if BTC maintains a breakout above the $27,200 level. It is worth noting that achieving such a milestone could give traders and investors the confidence to venture deeper into Bitcoin, given the positive momentum.

Beyond this threshold, Rover also revealed that a break above $31,000 would be an “unequivocally bullish beacon,” potentially pushing Bitcoin to all-time highs.

In a broader context, BTC appears to be making efforts to break free from its bearish constraints. While its price has mostly hovered between $26,000 and $27,000 over the past week, its market cap has increased significantly by more than $5 billion.

The 4-hour chart of BTC indicates that it is in a consolidation phase. This may indicate that the top cryptocurrency may be preparing for an important move, as such phases often indicate that market makers are determining the next potential price path.

Bitcoin is priced at $26,844 and has seen a roughly 1% decline in the past 24 hours. The 24-hour trading volume is $15.5 billion, a significant increase from the $9.9 billion seen last Friday.

Anticipate the winds of organizational change

Moreover, it is not only the charts that determine Bitcoin’s potential bullish swing. An undercurrent of fundamental factors plays a role in this optimistic outlook as well.

At the core of this optimism is the anticipation surrounding the US Securities and Exchange Commission (SEC) and its upcoming decisions on Bitcoin exchange-traded fund (ETF) applications.

at recent days, The Securities and Exchange Commission postponed its decision On the BTC Spot ETF app from Blackrock, one of the world’s leading fund managers. However, Crypto Rover believes that this approval, when it comes, could lead to a “domino effect.”

According to the analyst, if Blackrock receives SEC approval, it could pave the way for subsequent approvals for other major institutional players. Such a sequence of green lights could lead to a significant rise in BTC, further solidifying its bullish position.

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