‘Major catalyst’ needed to send Bitcoin price to a new ATH, says analyst
The cryptocurrency market has been on a tear over the last month as Bitcoin price climbed 73% from a low of $29,200 on July 20 to a high of $50,478 on Aug. 26, a move that has warranted caution from Dan McDermitt, cryptocurrency market analyst and co-founder of TheChartGuys.
According to McDermitt, Bitcoin’s relentless march over the past month was done “with a lack of weekly consolidation,” which was an impressive progression that frustrated bears as “every week is a higher low.”
McDermitt is “expecting an equilibrium pattern on the monthly time frame, which is a pattern of higher lows and lower highs in a tightening range.”
“I’m anticipating that were are going to be looking for a lower high compared to the all-time high, initially… I’m just watching for some short-term patterns to shift to lead to some weekly consolidation, which would be a healthy bigger picture just to cool things off a bit.”
When it comes to reaching a new all-time high, McDermitt feels that the market will need a catalyst that leads to an increase in volume, such as the passage of a BTC ETF, because a run to $65,000 is going to be done “on the back of very notable volume.”
Check out the full interview on Cointelegraph’s YouTube channel, and don’t forget to subscribe!
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.Source