Major Catalyst Needed To Send Bitcoin Price To New ATH, Analyst Says

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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, the relentless march of Bitcoin over the past month has come with a lack of weekly consolidation, which was an impressive advance that frustrated the bears as each week is a higher low.

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

McDermitt said:

I would expect that we are looking for a lower high than the all time high, initially I just watch the evolution of some short term patterns to lead to weekly consolidation which would be a healthier picture just to cool things down a bit.

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 very notable volume.

Check out the full interview on Cointelegraphs YouTube channel and don’t forget to subscribe!

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