After reaching an all-time high of $73,400 in March 2024, the bitcoin price has since retreated, remaining below its all-time high for the past four months. However, expectations remain high that the bitcoin price will eventually recover and reach a new all-time high, with cryptocurrency analyst “Melikatrader94” on TradingView predicting another run to $77,600.
bitcoin turns bullish on the charts
In the analysis shared on the TradingView website, cryptocurrency analyst Melikeatrader94 btc-is-coming/”>revealed His thesis on why bitcoin price could be heading to a new all-time high. The main reason behind the prediction is bullish chart patterns.
Related reading
The cryptocurrency analyst noted that the bitcoin price had managed to break out of a descending trend line. This is important because such a breakout signals a return of bullish pressure, causing the price to rise. From here, bitcoin could move towards its current all-time high price.
Moreover, there have been multiple confirmations on the chart, suggesting that the rally resulting from this breakout of the descending trendline could be incredibly strong. The cryptocurrency analyst notes that there will be corrections along the way. But ultimately, the direction of bitcoin’s price as of now is up.
btc Price Targets
With bitcoin breaking the downtrend line, the cryptocurrency analyst believes that the price will rise to a new all-time high of $77,604. However, this won’t be an entirely smooth road for bitcoin as there are important resistance levels looming.
For starters, the cryptocurrency analyst believes that btc price is at risk of undergoing a downward correction when it finally hits $70,000. This makes it the first major level it breaks on the way to a new all-time high before encountering another resistance.
Related reading
If bitcoin manages to break above $70,000, it is expected to reclaim its current all-time high above $73,400. However, it faces a major resistance within close range. The analyst’s next resistance level lies at $73,612. Because of this, the analyst believes that both $70,000 and $73,612 could serve as potential re-entry points.
According to the cryptocurrency analyst’s prediction, the bitcoin price could experience a remarkable 15% increase from its current level. Moreover, btc price hitting a new all-time high would be positive for the cryptocurrency market as the pioneering cryptocurrency is the one driving the market and altcoins are following suit.
Featured image created with Dall.E, chart from Tradingview.com
