The price of bitcoin has seen a notable resurgence over the past week, drawing parallels to the optimism often associated with Holy Week among Christians. This renewed momentum has permeated the entire market, generating significant gains for other major cryptocurrencies over the past seven days.
bitcoin's price resurgence appears to be in its nascent phase, with a popular cryptocurrency expert on x predicting an upward trajectory for the top cryptocurrency in the coming days.
Will bitcoin Price Reach $75,000?
In a recent x.com/ali_charts/status/1773670123519250887?s=20″ target=”_blank” rel=”nofollow”>publish to platform, Ali Martínez made an optimistic prediction about the price of bitcoin. According to the crypto analyst, the current price action of the leading cryptocurrency indicates that btc could be ready for another bull run.
This bullish prediction is based on the formation of an inverse head and shoulders chart pattern on the 30-minute period. Taking into account the short term, this projection, if it becomes a reality, will probably be fulfilled in the coming days.
Typically, a head and shoulders price pattern indicates a trend change from bullish to bearish and indicates that an uptrend might be coming to an end. On the contrary, the formation of the inverse head and shoulders chart suggests the possible reversal of a downtrend, with a possible bullish move on the horizon.
<img decoding="async" class="aligncenter wp-image-600449 size-large" src="https://technicalterrence.com/wp-content/uploads/2024/03/Can-This-Bullish-Chart-Pattern-Drive-Bitcoin-Price-To-75000.jpeg" alt="bitcoin price” width=”860″ height=”586″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/03/GJ1VeLgWsAAX8zU.jpeg?w=2219 2219w, https://www.newsbtc.com/wp-content/uploads/2024/03/GJ1VeLgWsAAX8zU.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/GJ1VeLgWsAAX8zU.jpeg?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/03/Can-This-Bullish-Chart-Pattern-Drive-Bitcoin-Price-To-75000.jpeg 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/GJ1VeLgWsAAX8zU.jpeg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/GJ1VeLgWsAAX8zU.jpeg?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/03/GJ1VeLgWsAAX8zU.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/GJ1VeLgWsAAX8zU.jpeg?w=1140 1140w” sizes=”(max-width: 860px) 100vw, 860px” loading=”lazy” data-recalc-dims=”1″/>
The bitcoin price forms an inverse head-and-shoulders price pattern on the 30-minute timeframe | Source: x.com/ali_charts/status/1773670123519250887?s=20" target="_blank" rel="nofollow">Ali_charts/x
According to the chart highlighted above, bitcoin price is currently trending above the 200 EMA. If the coin maintains its position above this moving average and manages to cross the neckline resistance at $71,580, Martinez expect the btc price to rise further towards $74,760.
This target of almost $75,000 would be a new all-time high for the price of bitcoin and a move of almost 5% from the current price. The current record price of btc sits at around $73,700, and was set just over two weeks ago.
btc Price Overview
At the time of writing, bitcoin is valued at $69,875, reflecting a 0.7% price drop over the past day. While the leading cryptocurrency is back below the $70,000 level, this slight drop is not substantial enough to erase its gains from last week.
According to data from CoinGecko, the price of bitcoin has risen almost 10% in the last seven days. After rising as high as $71,500 earlier in the week, btc is now trailing its all-time high price by about 5%.
However, bitcoin still maintains its position as the largest cryptocurrency in the sector, with a market capitalization of more than $1.37 trillion.
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bitcoin price hovering around the $70,000 mark on the daily timeframe | Source: BTCUSDT chart on x/TIXGJvAg/" target="_blank">TradingView
Featured image from iStock, chart from TradingView
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