A double bottom is a technical analysis chart pattern in forex trading that indicates a potential reversal of a downtrend. It forms when the price hits a low, bounces back, and then falls to a similar low before rising again.
The double bottom pattern is characterized by:
1. Two distinct lows (the "bottoms") at roughly the same price level 2. A peak in between the two lows
This pattern suggests that the price has found support at the lower level and is likely to reverse, moving upwards. Traders often look for a breakout above the peak between the two lows as confirmation of the reversal.
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🧐Over the next 50-100 days, BTC may show a large increase in price.
•This surge will correspond to the cycles of price changes after halving, which happens every four years.
•Previous Bitcoin halvings caused a rise to new historical highs a few months after the supply was reduced and new coins were issued.
❗️This year there is no reason to believe that the situation will not repeat itself.
💡After the US Securities and Exchange Commission (SEC) approved Bitcoin-based exchange traded funds (ETFs) in January 2024, BTC reached a new historical the maximum was at the level of $73,750.
•After halving, the cryptocurrency did not show any significant results, however, they can be achieved in the last quarter year. Over the past seven days, Bitcoin has fallen by 8.5%, and over the past 30 days – by 10.47%.
•Relative to its historical maximum, BTC lost 20.13%, and its maximum in August reached $65 593.24.
Tether plans to double its workforce to 200 by mid-2025, focusing on expanding its compliance team.
Despite its small size, Tether remains a financial powerhouse, generating $5.2 billion in profits in the first half of 2024.
The company continues to enhance monitoring tools to prevent illicit activity involving its USDT stablecoin, which now commands nearly 70% of the stablecoin market with a $115 billion supply.