Bitcoin’s price has been on a rollercoaster ride, hitting an all-time high of $73,400 in March 2024, only to retrace and remain below that peak for the last four months. However, crypto analyst “Melikatrader94” on TradingView is convinced that Bitcoin is on its way to a new all-time high of $77,600. The key driving factor behind this prediction is the bullish chart patterns that have emerged in the market. Melikatrader94 highlights the successful breakout of Bitcoin from a descending trend line, signaling a return of bullish pressure and a potential upward price movement towards the all-time high.
While the path to a new all-time high seems promising, it is not without its challenges. Major resistance levels lie ahead for Bitcoin as it strives to reach $77,600. Melikatrader94 warns that the price risks a downward correction once it reaches $70,000, making it the first hurdle to overcome on the way to the new all-time high. Even if Bitcoin manages to surpass $70,000 and reclaim its previous peak of $73,400, there is still another significant resistance level at $73,612. These resistance levels present possible re-entry points for traders looking to capitalize on Bitcoin’s price movements.
Despite the obstacles in its path, Bitcoin’s price could potentially see a notable 15% jump from its current level if it follows the trajectory predicted by Melikatrader94. The analyst’s thesis is built on the belief that the bullish momentum in the market, fueled by the breakout from the descending trend line, will continue to propel Bitcoin towards new highs. While corrections are expected along the way, the overall direction for Bitcoin’s price is upward, with the potential to reach $77,600 in the near future.
The road to Bitcoin’s new all-time high is paved with both opportunities and challenges. The bullish chart patterns and momentum in the market suggest that Bitcoin has the potential to break through previous resistance levels and reach $77,600. However, traders should approach this journey with caution, keeping a close eye on key levels such as $70,000 and $73,612 for potential market entry or exit points. The crypto market is notoriously volatile, and Bitcoin’s price movements can change rapidly, making it essential for traders to stay informed and adapt to the ever-evolving market conditions.
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