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Crypto Market Trend

Bitcoin Forms Rising Wedge Pattern: What’s Next For The Cryptocurrency?

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  • Bitcoin forms a Rising Wedge pattern, signaling potential consolidation or reversal after strong gains.
  • Key levels at $85,000 and $100,000 are crucial for determining Bitcoin’s next move in the short term.
  • ETF inflows and the potential U.S. Bitcoin Reserve Act could significantly boost Bitcoin’s long-term prospects.

Bitcoin is forming a Rising Wedge pattern, cryptocurrency which has seen tremendous growth recently, is now in a consolidation phase where price action is building an upward sloping support and resistance. The Rising Wedge pattern is one of the most important and are used to signal potential reversal after a long bullish trend.

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Source: Chart by CryptoRover

In a recent YouTube video, Rover pointed out that although Rising Wedge patterns are considered bearish, the pattern does not always lead to a bearish market. Actually, there are cases where this pattern, has produced OBV line that broke the bullish. However, due to recent sharp increase in the price of cryptocurrency, this pattern indicates a period of stagnation. After BTC reached a new all-time high, it faced rejection and the price dropped down. This price action further strengthens the thesis that a consolidation phase is the next step before the next major breakout. As of writing BTC is trading at $93,085, up by 1.35% over the past day. 

Bitcoin’s Price Decision Point

On the 12-hour chart, we can see that Bitcoin is trading within the ascending triangle, which means that the coin remains uncertain. From the pattern above, the price of BTC is likely to either rise or fall through support and resistance levels. As it stands right now, if the price of BTC is able to break through the level of resistance, then this may mean that there is even more upside left in the price, but if the price falls under the level of support then it could be indicating that a short term dip may be coming.

Should the price break lower, the $85 000 level is of critical significance in this case as it may provide a good entry point for longs given a possibility of a bounce higher. On the other hand, if BTC is able to close a daily candle above the current price level, the door could be opened for an aggressive move, with the next levels of resistance at $100,000. This could lead to further price appreciation and possibly place the token on the path to a new record high as even more investors get into the instrument.

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Source: Chart by CryptoRover

Bullish Divergence and Trends

Bullish divergence is also possible, especially if Bitcoin manages to break above its current resistance without much strength. This could break the bullish trend as the upsurge will not have the force it has had in other instances. However, the long term perspective for Bitcoin is still positive, with expectations that cryptocurrency will see massive appreciation during this market cycle.

New inflows into Bitcoin ETFs and the possibility of the U.S. Bitcoin Reserve Act also support the future growth of cryptocurrency. As more institutions are willing to invest in it, the future of BTC seems bright even with short term fluctuations.

The Sandbox (SAND) Targets 8,600% Growth as Crypto Market Shifts In 2024

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Alan Santana has recently expressed a bullish sentiment regarding The Sandbox (SAND), suggesting that it could be currently in the middle of a crucial accumulation period with tremendous upside. In his consideration, the prices at the current market are at the lowest, and those who invest now are likely to gain a lot in the next market cycles.

According to analysis, SAND has had a higher low since July 2021 which means that the coin is in an upward trend. While it got a bit volatile in August 2024, SAND/USDT has adopted this pattern, which raises the chance of a new record high. 

The Sandbox’s Long-Term Goal

The long-term vision of the company for SAND is that it has established it at $22.22, which if it is attained could lead to a return of investment of 8,600% from the current price. This projection shows that SAND has the possible opportunity to rise to a 87 times increase in value.

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Other objectives are given for the short to mid-term period regarding the profit. The first milestone predicts a 415% increase while the primary midterm goal estimates a 1,111% increase. 

This means that the investors could get huge profits even before achieving the long term objectives. As for the current situation of the market, the analyst notes that SAND is a good asset for the accumulation of coins at the current low prices.

Market Shifts to Bullish?

Analyzing the situation in 2023, the crypto market was not able to see a full-blown bull market. Despite the fact that some altcoins has increased, the majority of them did not demonstrate the high growth rates typical for a bull market. 

However, it appears that the market is transitioning from the bearish phase to the bullish phase or at least attempting to do so. In September and October of 2023, many altcoins such as The Sandbox also dipped to their lowest. The low of the year witnessed in August 2024 is considered to be a minor blip in the overall scenario.

Santana explains that the existing lack of demand for SAND can be attributed to the reluctance of both the general public and insiders. However he still stays hopeful for the year 2025 to have a major bull market and that projects such as The Sandbox would do well in it. As of press time, SAND sits at price of $0.2532, and slightly down by 0.27% over the past day.

The Next market trends may become a breakthrough, and the profit rates may bring drastic changes in the life of individuals who would use appropriate tactics. Although his predictions are still based on assumptions, the fluctuations inherent to the crypto markets are good enough to support his optimism regarding The Sandbox’s future.

Bitcoin Slips Below $61K: Market Overview And Key Trends

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The analytical platform Crypto Rank offered a detailed description of Bitcoin and current state of the crypto market. The platform noted that the Bitcoin price has gone below the mark of $61,000, which showed bearish sentiment in the cryptocurrency market.

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Platform findings indicate that, presently, Bitcoin trades below $61,000.The top ten cryptocurrencies are in the red territory with Solana (SOL) being some of the worst hit with a 7. 44%, Toncoin (TON) down by 4.39% and Binance Coin (BNB) by 3.87%.

Bitcoin’s Stability Amid Market Decline

This widespread downturn has led to a decrease in the overall market capitalization, which currently stands at $2.25 trillion Such a shift indicates that, although the Bitcoin has been deceiving, it retains a firm grip as compared to other virtual currencies.

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According to the Fear & Greed Index, the attitude towards the market still is rather cautious, and the index number is 34, which means ‘Fear’. This might be due to the recent price slashes and ever-changing nature of the market as it is related to the cryptocurrencies.

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However, as it has been seen some of the cryptocurrencies are still growing even as the market as a whole is shrinking. Neiro (NEIRO) rose 63.3% and steady, with the largest increase of all the competitors. IRIS Network (IRIS) recorded a very significant expansion of 33.7%.

While Dora Factory (DORA) had a relatively larger increase of 21%. Ultima (ULTIMA) rose by 18. 2%. Beta Finance (BETA) increased by 9.20%. Such performances indicate that while the overall market may be bearish there are still large value gains to be made from certain tokens.

There are certain limitations inherent in Crypto Rank based on such key conclusions of the work: the cryptocurrency market is characterized by high volatility and constant changes. During the cooling down phase, market capitalization has decreased and the price has declined below $61,000 is due to market volatility.

Nevertheless, caution on the latest dip below $61,000 has some redemption in micros conversely as token selection in the bullish trend continues to have its shine in an otherwise red-zoned market. In this regard, one should realize that the cryptocurrency market remains rather volatile, which makes it possible to earn money even in the case of an overall downtrend.