Bitcoin Soars To $71,000, How Much Higher Can It Go?
The post Bitcoin Soars To $71,000, How Much Higher Can It Go? appeared on BitcoinEthereumNews.com.
Bitcoin (BTC), the largest cryptocurrency in the market, has once again surged past the significant milestone of $70,000. After a brief period of consolidation between $67,000 and $69,000, the price faced strong resistance at this level. However, the bullish momentum suggests that Bitcoin may consolidate above $70,000, paving the way for a potential retest of the next resistance at $71,300 and a potential climb towards its all-time high (ATH) of $73,700 reached in March. The question remains: Will BTC sustain this anticipated upward movement and surge even further? Analyst Predicts Bitcoin Surge To $74,400 Crypto analyst Ali Martinez highlighted the significance of Bitcoin breaking out from a symmetrical triangle on the BTC/USD 1-hour chart. Suppose the breakout is confirmed by a sustained close above the $69,330 resistance level. In that case, Martinez believes it could propel BTC to $74,400, setting a new all-time high and positioning it favorably to conquer even higher levels. Related Reading BTC’s price is projected to reach $74,400 if a breakout of this symmetrical triangle is completed. Source: Ali Martinez on X Martinez also emphasizes Bitcoin’s current positioning above the +0.5σ pricing band. According to the analyst, if BTC holds above this band, it will likely rise and test the 1.0σ pricing band at $79,600. Another analyst, Rekt Capital, points out that Bitcoin is again at the Range High of the ReAccumulation Range. For Rekt, the outlook for Bitcoin remains unchanged, with the cryptocurrency being just one weekly close above the Range High away from entering the Parabolic Phase of its market cycle. BTC’s Cycle Acceleration Signals Ongoing Bullish Trend In addition to the analysis provided by Rekt Capital, it is worth noting that Bitcoin’s recent rally to new all-time highs in mid-March exhibited an accelerated cycle compared to previous market cycles. Rekt Capital observed that…
Filed under: News - @ June 5, 2024 7:14 am