After reaching an all-time high $73,400 in March 2024, Bitcoin’s price has since retreated, remaining below its all-time high for the past four months. However, expectations remain high that Bitcoin’s price will eventually recover and reached a new all-time highwith crypto analyst “Melikatrader94” on TradingView predicting another run to $77,600.
Bitcoin Turns Bullish on Charts
In the analysis shared on the TradingView website, crypto analyst Melikeatrader94 revealed his thesis on why Bitcoin price could hit a new all-time high. The main reason behind the prediction is the bullish chart patterns.
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The crypto analyst pointed out that the Bitcoin price has successfully broken a descending trendline. This is important because such a break indicates a return of bullish pressure, causing the price to rise. From here, Bitcoin could move towards its current all-time high price.
Furthermore, there were multiple confirmations on the chart, suggesting that the resulting rally The breakout from this descending trendline could be incredibly strong. The cryptoanalyst points out that there will be corrections on the way. But ultimately, the direction for Bitcoin price from here is up.
BTC Price Targets
With Bitcoin breaking out of the descending trendline, the crypto analyst believes the price will surge to a new all-time high of $77,604. However, this won’t be an entirely smooth road for Bitcoin as major resistance levels lie ahead.
For starters, the crypto analyst believes that BTC price is at risk of downward correction when it eventually reaches $70,000. This makes it the first major level to pave the way for a new all-time high before encountering further resistance.
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If Bitcoin is able to break above $70,000, then it is expected to reclaim its current all-time high above $73,400. However, it faces major resistance within striking distance. The analyst next resistance level is at $73,612. Because of this, the analyst believes that both $70,000 and $73,612 could serve as possible re-entry points.
Going by the crypto analyst’s prediction, Bitcoin price could see a notable jump of 15% from its current level. Furthermore, the BTC price hits new all-time high It would be positive for the crypto market as the pioneer cryptocurrency is the established market driver and altcoins follow suit.
Featured image created with Dall.E, chart from Tradingview.com