The Bitcoin price hit an all-time high of $73,400 in March 2024 but has since retraced and remained below that high for the past four months. Despite this, there are high expectations that the price will eventually recover and reach a new all-time high.
Analyst Prediction
Crypto analyst “Melikatrader94” on TradingView has predicted another run for Bitcoin, with a target of $77,600. The analysis shared on the TradingView website highlighted bullish chart patterns as the main reason behind this prediction. The analyst pointed out that Bitcoin had broken out of a descending trend line, signaling a return of bullish pressure and a potential price increase towards the all-time high.
While the analyst is optimistic about Bitcoin’s price trajectory, there are major resistance levels to overcome. The first significant level is at $70,000, where the price risks a downward correction. If Bitcoin can surpass this level, the next challenge is reclaiming the current all-time high above $73,400. However, there is another resistance level at $73,612 before reaching the target of $77,600.
According to the analyst’s prediction, $70,000 and $73,612 could serve as possible re-entry points for investors looking to capitalize on potential price increases. The analyst foresees a notable 15% jump in the Bitcoin price from its current level if the predictions come to fruition.
While the Bitcoin price has experienced fluctuations in recent months, there is optimism in the market that it will eventually reach a new all-time high. The analyst’s prediction of a run to $77,600 is based on bullish chart patterns and a breakout from a descending trend line. However, there are challenges and resistance levels to overcome along the way, making it crucial for investors to carefully monitor the price movements and potential re-entry points.