Analysts See a ‘God-Like Candle’ Coming as Bitcoin Closes Above Key Resistance

• On the 3-month chart, the future of bitcoin is Bullish, and the candles are remarkable above the 2021 ATH.
• Reactions around $61,000, close to the previous ATH, encourage further upside movements.
• Some analysts have been predicting the emergence of a “God-like candle” that will push prices skyward.

Looking at the Bitcoin chart , what can be singled out about its longer term chart is that it is experiencing the first signals of a new bullish phase. This may indicate an increase in large-scale prices. Bulls have been looking into the 3-month chart which has just closed another bullish candle above the ATH made in 2021. This has triggered expectations that the Bitcoin’s price may begin to rally soon.

Three-Month Chart’s Positive Technical Signs

The focal point of attention is the 3-month candle which is way up and converging consistently above the 2021 ATH. This particular kind of a price pattern gives analysts a clear indication of more prices to be gained in the near future. Now, despite recent fluctuations in other segments of the market, Bitcoin remains above this particular level, which serves as support here.

#Bitcoin – God like candle incoming ? 🤔

While many are focused on short-term price action, the 3 month chart looks incredibly bullish.

It just closed another 3M candle above the 2021 ATH.

Expecting a nice reaction from here and a God like candle soon. pic.twitter.com/3SD66JTgTo

— Mags (@thescalpingpro) October 6, 2024

Holding around $61,000, the assistance at the previous ATH maintains its stable support, thus strengthening general faith in the likelihood of a new price hike. And as this support level remains intact, the probability of the Bitcoin moving up starts manifesting itself. Now, price action appears to be pulling back but the vast majority of analysts expect a massive move soon.

The Potential for a Massive Bullish Candle

Many have speculated over what has been called the ‘God-like candle’, which is a phrase used amongst traders to refer to a bullish candle that pushes prices an awful lot higher. Since the technicals are positive for Bitcoin, some lean into the optimistic view that this next 3-month candle could indeed offer a quicker sharp break to the upside most possibly towards the highs.

Bitcoin price analysis is confirming a bullish direction for now as bullish momentum gained traction. The market looks poised to continue higher in the near term, and bulls are continuing their push to take BTC toward the next level.The 1-day Bitcoin price analysis shows BTC is in bullish momentum and is attempting to break the $62,349.66 resistance level.

However, the long-term technical outlook for the world’s largest digital currency seems more promising or so it seems. The market is near its level that could bring a breakout in future, but there is some level of risk in the market due to frequent fluctuations.

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