O Bitcoin price experienced a notable resurgence last week, drawing parallels to the optimism often associated with Holy Week among Christians. This renewed momentum has infused the entire market, leading to significant profits for other major cryptocurrencies over the past seven days.
Bitcoin’s price resurgence appears to be in its early phase, with a popular crypto expert on X predicting a bullish trajectory for the main cryptocurrency in the next days.
Will Bitcoin Price Reach $75,000?
In a recent post on platform, Ali Martinez presented an optimistic prediction for the price of Bitcoin. According to the crypto analyst, the current price action of the top cryptocurrency indicates that BTC may be ready for another upward run.
This bullish prediction is based on the formation of an inverse head and shoulders chart pattern on the 30-minute time frame. Considering the short term, this projection, if realized, will probably come to fruition in the coming days.
Typically, a head and shoulders price pattern signals a bullish to bearish trend reversal and indicates that an upward trend may be coming to an end. In contrast, the inverse head and shoulders chart formation suggests the possible reversal of a downward trend, with potential bullish movement on the horizon.
The Bitcoin price forms an inverse head-and-shoulders price pattern on the 30-minute timeframe | Source: Ali_charts/X
According to the chart highlighted above, Bitcoin price is currently trending above the 200 exponential moving average (EMA). If the coin maintains its position above this moving average and manages to cross the neck resistance at $71,580, Martinez expects BTC price to rise further to $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. BTC’s current record price is around $73,700, set just over two weeks ago.
BTC Price Overview
At the time of this writing, Bitcoin is valued at $69,875, reflecting a 0.7% price drop from the previous day. Although the main cryptocurrency is below the $70,000 level, this slight drop is not substantial enough to erase your profit during the past week.
According to data from CoinGecko, the price of Bitcoin has risen almost 10% in the last seven days. After rising to $71,500 at the start of the week, BTC is now trailing its all-time high price by around 5%.
However, Bitcoin still maintains its position as the largest cryptocurrency in the sector, with a market capitalization of over $1.37 billion.
Bitcoin price hovering around the $70,000 mark on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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