A 'major catalyst' needed to send Bitcoin price to new ATH, analyst says

The cryptocurrency market has seen a tear in the past month as the price of Bitcoin climbed 73% from a low of $ 29,200 on July 20 to a hi...



The cryptocurrency market has seen a tear in the past month as the price of Bitcoin climbed 73% from a low of $ 29,200 on July 20 to a high of $ 50,478 on August 26, a decision that justified the caution of Dan McDermitt, analyst of the cryptocurrency market and co-founder of TheChartGuys.

According to McDermitt, Bitcoin’s relentless march over the past month has come “with a lack of weekly consolidation,” which was an impressive advance that frustrated the bears because “every week is a higher low.”

McDermitt “expects a pattern of equilibrium over the monthly period, which is a pattern of higher lows and lower highs within a tightening range.”

McDermitt said:

“I expect that initially we were looking for a higher low than the all-time high… I just watch the evolution of some short-term patterns to lead to a weekly consolidation which would be a sight. overall healthy just to calm things down.

When it comes to hitting a new all-time high, McDermitt believes the market will need a catalyst that leads to an increase in volume, such as switching to a BTC ETF, as a run to $ 65,000 is going be done “on the back of a very noticeable volume.

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