In March 2024, Bitcoin reached an all-time high of $73,400. However, the price has since retraced and has been trading below that level for the past four months. Despite this, there is optimism that Bitcoin will bounce back and reach a new all-time high. Crypto analyst “Melikatrader94” has even predicted a potential run to $77,600, citing bullish chart patterns as the main reason behind this forecast.
One key factor mentioned by the analyst is the breakout of a descending trend line by the Bitcoin price. This breakout signifies a resurgence of bullish momentum, which typically leads to price appreciation. The analyst also highlights multiple confirmations on the chart, indicating a strong rally following the breakout. Although corrections are expected along the way, the overall trajectory for Bitcoin is seen as upward.
While the analyst is confident in Bitcoin’s potential to reach $77,604, there are significant resistance levels that Bitcoin must overcome. The first hurdle is expected to be at $70,000, where a potential downward correction could occur. If Bitcoin manages to surpass this level, the next major resistance is projected to be at $73,612. The analyst suggests that both $70,000 and $73,612 could serve as re-entry points for investors.
According to the analyst’s projections, Bitcoin could experience a significant 15% increase from its current level if the predicted milestones are reached. While the path to a new all-time high may not be smooth, the overall outlook remains positive for Bitcoin.
The road to a new Bitcoin all-time high is filled with challenges, but the bullish chart patterns and the analyst’s optimistic predictions suggest that Bitcoin has the potential to overcome these obstacles. With careful monitoring of key resistance levels and market movements, investors can position themselves strategically to benefit from potential price gains in the future.