Bitcoin continues its impressive rally. Currently surpassing $66,000, it is following the expected bullish trend. After encountering some resistance on July 17th and briefly retreating to $53,000, it quickly rebounded on July 19th and is once again heading towards its all-time high.
The chart is beautifully illustrating this upward movement.
Ironically, individual purchases on exchanges are declining. Most of the activity is driven by institutional investments or ETF holdings.
The sustained strength of the wave pattern indicates that buying pressure remains strong. Additionally, consistent net buying in US Bitcoin ETFs is improving the supply-demand situation. There are also reports that Bitcoin is entering an accumulation phase.
However, while the wave pattern shows significant strength, there are short-term chart movements suggesting potential major declines, which is concerning.
For the price to break through resistance and continue upward with strong momentum, the graph’s slope needs to become more gradual. Currently, the steep and rapid movements suggest a higher likelihood of short-term corrections.
Therefore, my 24-hour prediction is a decline.
We should also consider AI predictions, which have become increasingly accurate and have correctly anticipated the market movements so far.
