Bitcoin price reached an all-time high of $73,400 in March 2024 but has since retraced and remained below this level for the last four months. Despite this, there is optimism in the market that Bitcoin will recover and reach a new all-time high. Crypto analyst “Melikatrader94” on TradingView has predicted another run for Bitcoin, aiming for $77,600.
In a detailed analysis shared on TradingView, Melikatrader94 explained the potential reasons why Bitcoin could be heading towards a new all-time high. The main factor behind this prediction is the bullish chart patterns that have emerged. The Bitcoin price successfully broke out of a descending trend line, indicating a return of bullish pressure that could drive the price higher towards its previous all-time high.
The chart also shows multiple confirmations that suggest the ensuing rally from the descending trend line breakout could be very strong. While there may be corrections along the way, the overall direction for the Bitcoin price seems to be upwards. Melikatrader94 predicts that Bitcoin will face challenges along the way but ultimately aims for a new high.
With the breakout from the descending trend line, the crypto analyst sets a target of $77,604 for the Bitcoin price. However, reaching this level may not be easy as major resistance levels are expected. The first hurdle is seen at $70,000, where a downward correction could occur. If Bitcoin surpasses this level, it will then need to reclaim its current all-time high above $73,400 before facing another resistance point at $73,612.
According to the analyst’s prediction, Bitcoin could potentially see a significant 15% increase in price from its current level. Achieving a new all-time high would be beneficial for the overall crypto market as Bitcoin is a leading market influencer, with altcoins often following its trajectory. Traders may consider $70,000 and $73,612 as potential re-entry points based on the analyst’s analysis.
Overall, the outlook for Bitcoin remains positive as analysts anticipate a potential rally towards a new all-time high. With bullish chart patterns and technical indicators pointing towards a resurgence in Bitcoin price, investors and traders are closely monitoring the market for potential opportunities. As Bitcoin plays a pivotal role in the crypto market, a successful rally could have positive implications for other digital assets as well.
