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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Bullish Structure Holds Firm: $31,000 Breakthrough Imminent?

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Bitcoin

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In the world of cryptocurrency, the market can be a confusing and volatile place. This is especially true for Bitcoin (BTC), which has seen its fair share of ups and downs in recent days. Jackis, a well-known analyst in the crypto community, has recently commented on the current state of the market, and his words may be of interest to investors.

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Bitcoin’s Potential For A $31,000 Breakthrough

According to Jackis, Bitcoin’s weekly structure remains bullish, which means that despite any potential dips, the overall trend is upward. He suggests that even if there is a deeper pullback, it can be seen as a potential higher low in a bullish trend, which should eventually lead to a break of the $31,000 level. However, Jackis also warns that this bullish trend must be proven, and until then, investors should be cautious.

H4:

Surely a decent buyback from the HTF range lows but as of now remains in a bearish structure

Until proven otherwise or until we see a LTF convincing structure to long, we expect a new LL pic.twitter.com/9VUY79bnPT

— JACKIS (@i_am_jackis) May 16, 2023

 

On the daily chart, Jackis notes that the market has just swept the range low of $26,500, which could be seen as a potential deviation. However, despite this, the overall structure on the daily chart remains bearish, and investors should treat it as such until further highs are reclaimed. He suggests that while there may be a decent buyback from the higher time frame (HTF) range lows, the market is still in a bearish structure. Until there is evidence to the contrary or a convincing low time frame (LTF) structure too long, Jackis expects a new lower low to be seen.

Furthermore, according to Jackis, the current structure of the Bitcoin market is bullish, but this could change quickly. He notes that the market is currently trading at a premium, which is known as the Golden Zone, compared to the H4 Swing. To continue pushing higher, the market needs to show real strength at this level. However, the current market conditions are challenging to read, and there are arguments for both bullish and bearish positions.

Bitcoin And Ethereum Part Ways, Correlation Hits Lowest Point In Two Years

A recent report by Kaiko, a leading provider of market data and insights, has shed light on an interesting trend in the Bitcoin and Ethereum (ETH) markets. According to the report, the correlation between Bitcoin and Ethereum has hit its lowest level since November 2021. The rolling correlation between the two cryptocurrencies has weakened from 96% to 77% since mid-March, indicating that they are increasingly being driven by divergent idiosyncratic factors.

The report highlights that Ethereum has lost momentum since the Shapella upgrade, dropping by nearly 14%, while Bitcoin is down by around 11% over the same period. This divergence suggests that the two cryptocurrencies are being influenced by different factors, rather than moving in tandem as they have in the past.

As of this writing, the largest cryptocurrency on the market, Bitcoin, is trading at $27,000, which is slightly below its 50-day Moving Average (MA). While BTC has managed to reclaim the $27,000 level, it has seen a minor decline of 1.4% over the last 24 hours.

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BTC’s sideways price action after facing the 50-day MA on the 1-day chart. Source: BTCUSDT on TradingView.com

Featured image from iStock, chart from TradingView.com 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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