Crypto analyst Merlijn revealed that Bitcoin has currently flashed the most powerful fractal on the markets. This comes amid BTC’s rally to a one-month high of $75,000 despite escalating tensions between the US and Iran.
Bitcoin is currently the most powerful fractal on the market
In one X messageMerlin stated that Bitcoin is currently the most powerful fractal on the market. He noted that gold had formed this structure in 1974, when it completed three waves, followed by a Fibonacci extension and a parabolic movement. Now BTC forms an identical structure, forming the third step.
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The analyst further said that $62,000 is the last line before the Fibonacci extension opens, and that if BTC is holding this levelthen the $226,000 Fibonacci target will be unlocked. However, if the leading crypto loses this level, the fractal will first drop again. Merlijn added that BTC points to the same outcome as gold, with a parabolic move ahead.
In another X messagethe analyst gave a bullish outlook for Bitcoin, citing global liquidity. He noted that M2 is expanding again and that BTC has just entered the green accumulation zone. Merlin explained that the last two times this combination appeared, BTC multiplied. He added that a hold above $74,000 will confirm this liquidity cycle, while a drop below $65,000 means another compression before a rally emerges.
Bitcoin rose to $75,000 yesterday, indicating that the leading crypto saw renewed bullish momentum despite the US-Iran conflict. Veteran trader suggested Peter Brandt that BTC could rise above $80,000 in the short term.
Market conditions are showing signs of stabilization and market recovery
In one research reportAccording to on-chain analytics platform Glassnode, market conditions are showing signs of stabilization and gradual recovery. The Recognize CVD It is said to have turned decisively positive, reflecting a return of aggressive buying pressure, according to Glassnode. Furthermore, derivatives markets reflect increasing but cautious involvement.
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Glassnode has stated this futures open interest has moved higher as futures CVD surged, while funding payments moved further into negative territory, indicating a continued short position. Meanwhile, Bitcoin ETFs are seeing renewed interest, although the on-chain analytics platform noted that overall ETF trading volume has cooled somewhat from previously elevated levels.
Finally, Glassnode mentioned that on-chain activity remains relatively subdued, with active addresses falling below their lower band and transfer volumes improving modestly but remaining subdued. The tariff volume would have remained stable, reflecting stable but quiet network usage.
At the time of writing, the Bitcoin price is trading around $74,100, up in the past 24 hours, according to facts from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com