In the world of cryptocurrencies, Bitcoin and Cardano are currently attracting the attention of investors and analysts. The crypto analyst behind the popular YouTube channel Crypto Capital Venture has expressed his belief that both Bitcoin and Cardano could be on the verge of significant breakouts in the near future. While he stops short of calling it a new bull market, he points to signs of momentum building, particularly in the case of Cardano.
The analyst has his sights set on a key long-term resistance level of $38,000 for Bitcoin. This level coincides with shorter-term overhead resistance on the six-hour chart. If Bitcoin manages to break above this resistance and make a move towards the upper trendline, it would indicate a breakout from the current channel. This would be a unique occurrence, as previous cycles did not witness such a breakthrough. However, the analyst also acknowledges the possibility of a pullback towards the $33,000 level before a potential breakout.
According to the analyst, the price action for Cardano’s ADA is even more exciting. He highlights a bullish breakout from a long-term falling trendline. With ADA positioned above its 20-week and 50-week moving averages, there is ample room for further upward movement before reaching overbought levels. This is in contrast to other tokens that have already experienced parabolic advances. An ascending triangle pattern on the daily ADA-USD chart indicates a potential target of $0.45 if resistance around $0.40 is broken. A successful breakout could pave the way for testing key resistance levels around $0.70 in the future. However, failure to hold the 20-day moving average on a pullback could lead to a steeper decline.
Overall, the analyst believes that both Bitcoin and Cardano show promising signs of brewing upside momentum. If sustainable breakouts occur in the short term, it could signal the beginning of a new bullish period for cryptocurrencies heading into 2024. However, the analyst also cautions that choppy and sideways price action should not be ruled out.
The potential breakouts of Bitcoin and Cardano have captured the attention of cryptocurrency enthusiasts. While the analyst behind Crypto Capital Venture stops short of declaring a new bull market, he remains optimistic about the building momentum in both Bitcoin and Cardano. As the crypto world continues to evolve and present new opportunities, investors will eagerly watch for signs of potential breakthroughs in the market.
