As a seasoned crypto investor with several years of experience under my belt, I have seen my fair share of market fluctuations and price movements. After observing Bitcoin’s retracement since hitting its all-time high in March 2024, I’ve kept a close eye on the charts for any signs of a potential bull run.
The Bitcoin price peaked at an unprecedented $73,400 in March 2024 before experiencing a downturn, staying under this mark for the past four months. However, there’s optimism among crypto analysts like “Melikatrader94” on TradingView that Bitcoin will regain its form and set a new record high of around $77,600 eventually.
Bitcoin Turns Bullish On The Charts
Crypto analyst Melikeatrader94 explained in her analysis on TradingView her belief that Bitcoin’s price may reach a new record high, primarily due to favorable chart formations indicating a bullish trend.
A crypto expert noted that Bitcoin’s price had shattered the downward trendline, implying a resurgence of buying power and potential price increase. Subsequently, Bitcoin might aim for its previous record-high value.
Additional evidence supports the chart’s indication of a significant Bitcoin price surge following the breakdown of the descending trendline. Despite anticipation of corrections, the overall trajectory is expected to be upward.
Targets For The BTC Price
After Bitcoin surpassed its downward trendline, a cryptocurrency analyst is optimistic that the digital coin will reach a new peak price of $77,604. Nevertheless, this anticipated upward trend may not be entirely smooth as significant hurdles in the form of resistance levels await.
As a researcher studying cryptocurrency trends, I’ve identified a potential risk for Bitcoin (BTC) price correction once it reaches the $70,000 mark. This level serves as the first significant hurdle on the path to setting a new all-time high, and encountering resistance at this point is inevitable.
If Bitcoin surpasses the $70,000 mark, it is anticipated to regain its previous record high above $73,400. However, significant hurdles await just beyond this level. The next resistance point for analysts is set at $73,612. Consequently, these levels, at $70,000 and $73,612, could potentially function as opportunities for investors to re-enter the market.
According to cryptanalysis, Bitcoin’s price may experience a significant increase of approximately 15% from its present value. Moreover, if Bitcoin reaches a new peak price, it would benefit the entire crypto market as Bitcoin serves as the leading indicator, causing altcoins to follow suit.
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2024-07-29 18:40