Crypto Analyst Charts Bitcoin Course To New $77,604 All-Time High
29 Julio 2024 - 10:30AM
NEWSBTC
After hitting an all-time high of $73,400 in March 2024, the
Bitcoin price has since retraced, remaining below its all-time high
for the last four months. Nevertheless, expectations remain high
that the Bitcoin price will eventually recover and hit a new
all-time high, with crypto analyst “Melikatrader94” on TradingView
predicting another run to $77,600. Bitcoin Turns Bullish On The
Charts In the analysis that was shared on the TradingView website,
crypto analyst Melikeatrader94 revealed her thesis for why the
Bitcoin price could be headed to a new all-time high. The major
reason behind the prediction is bullish chart patterns. Related
Reading: Cardano Recovery Imminent? Whales Make Their Move With 17
Billion ADA The crypto analyst pointed out that the Bitcoin price
had successfully broken out of a descending trend line. This is
important because such a break indicates a return of bullish
pressure, causing the price to go up. From here, Bitcoin could push
toward its current all-time high price. Furthermore, there have
been multiple confirmations on the chart, suggesting that the
resulting rally from this descending trend line break could be
incredibly strong. The crypto analyst points out that there will be
corrections along the way. But ultimately, the direction for the
Bitcoin price from here is up. Targets For The BTC Price With the
Bitcoin breakout from the descending trend line, the crypto analyst
believes that the price will rise to a new all-time high of
$77,604. However, this is not going to be a completely easy path
for Bitcoin as major resistance levels lie ahead. For starters, the
crypto analyst believes that the BTC price risks a downward
correction when it eventually gets to $70,000. This makes it the
first major level to clear in the road to a new all-time high
before encountering another resistance. Related Reading: Solana
Confirms Upside Breakout With Bullish Pennant – Here’s The Target
If Bitcoin is able to beat $70,000, then it is expected to reclaim
its current all-time high above $73,400. However, it faces major
resistance just a short distance away. The analyst’s next
resistance level lies at $73,612. Due to this, the analyst believes
that both $70,000 and $73,612 could serve as possible re-entry
points. Going by the crypto analyst’s prediction, the Bitcoin price
could see a notable 15% jump in price from its current level.
Furthermore, the BTC price hitting a new all-time high would be
positive for the crypto market given that the pioneer
cryptocurrency is the established market mover and altcoins follow
its path. Featured image created with Dall.E, chart from
Tradingview.com
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