Historical price movements have often served as a guideline for Bitcoin and other cryptocurrencies. However, there have been times when exceptions occurred. For example, according to historical data, the price of Bitcoin (BTC) should not have fallen below $20,000 during the last bear market. Nevertheless, abnormal conditions resulted in unexpected outcomes, with the price remaining below $20,000 for a long time, eventually falling to $15,500.
The future of sustainable energy sources
The strong increase predicted for 2024 was supported by historical data. With the assumption that the same thing would happen again, policymakers took the risk and reaped the rewards. In the first quarter of this year, those analyzing the bottom of the last economic downturn saw gains of 20-30 times in certain renewable energy companies. Moreover, the sector has not yet reached the expected peak of growth.
A leading environmental analyst said the sector has started to mirror its previous cycle and explained the scenario he expected. The analyst, known under the pseudonym EcoTech, compares the current situation with the years 2020-2021 using ecological growth theories.
EcoTech is confident that the sector will experience one final growth spurt this year that will bring it closer to renewable energy targets.
“The impulsive structure of the last 1.5 years says $90,000-100,000 is next.”
Technological developments in the financial sector
With the expected rise in the BTC price ahead, we should see a similar rise in altcoins that is much higher than this year’s highs. Once again an expert has pointed out an RSI indicator on the BTC chart and written that the momentum indicator has now weakened, indicating that it is ready for an upward move.
The expert recently highlighted that the events of 2020, which saw Bitcoin rise from around $13,000 to over $29,000 in just two months, should be considered as a possible reference.
“Bitcoin’s two-month candle, right after the point of maximum compression, is at the highest point of the candle body.
RSI (Relative Strength Index) is about to break 70.
These were the conditions that led to the last three parabolic ascents. They have been the leading signal three times before.
I suspect the next two-month candle will be as long as November 2020.”
At the time of writing this article, BTC is finding buyers at $64,000 and has risen about $8,000 since the dip at the beginning of the month.
Source: https://cryptobenelux.com/2024/05/06/wat-kunnen-we-verwachten-van-bitcoin-en-altcoins/
