Bitcoin monthly trend indicates an important turning point - experts analyze key signals
Bitcoin's most interesting monthly chart emerges, but it's not time to celebrate yet
According to analysts, Bitcoin's monthly candlestick pattern could hint at the market's next move.
A very "interesting monthly" candlestick could form on the Bitcoin chart at the end of August, which could signal a potential trend reversal. But others warn that the month is not over and fundamental factors are more likely to influence the market's direction.
In an X article on August 26, HODL15Capital analysts observed that this could be the "most interesting monthly candlestick" in Bitcoin's history.
Analysts mentioned the emergence of a potential "Dragonfly Cross" Japanese candlestick pattern. This pattern could signal a potential reversal in price, either to the upside or the downside.
Alex Kupcikovic, senior analyst at FXPro, said that the Dragonfly Cross on Bitcoin's monthly chart reflects the market's optimism and recovery signals after the market hit a new high in March. But he also warned that the month is not over yet and the formation of this pattern cannot be fully confirmed.
He said that Bitcoin also needs to break through the $68,000 resistance before talking about a breakout from the downtrend. After breaking through the all-time high of about $74,000, the asset will enter "unknown price territory" and may quickly climb to the $110,000 level.
But Bitcoin may also experience a long period of consolidation before it surges. At the same time, Apollo Crypto analyst Henrik Anderson is not convinced by this technical signal, and he believes that fundamentals and sentiment factors are more likely to influence the market direction.
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