Cryptocurrency markets are trading lower on Thursday, following a significant decline in traditional financial markets.

According to data from Benzinga Pro, Bitcoin (CRYPTO: BTC) was trading at around $71,150, down 24% over the past seven days. The world’s leading cryptocurrency is now trading at a discount of over 30% from its all-time high of around $105,000, which it had hit in early 2023.

The cryptocurrency markets have been volatile in recent months, as investors have become increasingly concerned about the global economy and the Federal Reserve’s plans to raise interest rates.

Crypto trader Blockchainedbb is eyeing a swing long entry after Bitcoin reclaims a key level on the weekly. The trader expects BTC to stay range-bound before a potential push past $90,000 by late 2025.

"May open a swing long if BTC can close cleanly back above 50 fib (around 61k) on the weekly by next week. Otherwise, more pivoting around 60k and 50 fib is expected. Expect BTC to stay range-bound in the 40-90k zone for the rest of 2024," the trader said.

May open a swing Long if BTC can close cleanly back above 50 fib (around 61k) on the weekly by next week. Otherwise, more pivoting around 60k and 50 fib is expected.

Expect BTC to stay range-bound in the 40-90k zone for the rest of 2024 and a potential push past 90k by late 2025. pic.twitter.com/qG9G8vL50v

— Blockchainedbb (@chained__baby) August 10, 2024

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Meanwhile, Ted Pillows has spotted a Bitcoin Hash Ribbon buy signal, a historically bullish indicator that preceded all-time highs in past cycles. The last three times this signal appeared, BTC surged to a new all-time high. Could this be another major leg up for Bitcoin if history repeats itself?

"Bitcoin hash ribbon indicator has just flashed a buy signal. Last 3 times this indicator flashed a buy the signal $BTC pumped to hit a new ATH. Will history repeat itself again?" the crypto analyst said.

Bitcoin hash ribbon indicator has just flashed a buy signal.

Last 3 times this indicator flashed a buy the signal $BTC pumped to hit a new ATH.

Will history repeat itself again? pic.twitter.com/27wgCFTLft

— Ted Pillows (@TedPillows) August 9, 2024

This Bitcoin cycle is unfolding more gradually, resembling 2015-2017, rather than the explosive bull runs many anticipated, according to CryptoCon.

Finally, Cryptomist sees $80,000 as the next target but warns of a possible liquidity wick before a breakout to more than $90,000.

"BTC almost close to my $80k target. Would not rule out a liquidity wick below wedge before reclaim but I expect this to hold and breakout towards $90k," the crypto analyst said.

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This article is written with the assistance of AI.

The content is intended to be informational in nature, and does not constitute legal, professional, or financial advice, and does not necessarily reflect the views of Benzinga and is subject to change. It is highly recommended to conduct independent research and consult with a qualified professional before making any business or financial decisions.