Bitcoin is in the spotlight following its recent remarkable rise to a new all-time high. Since hitting a new high, Bitcoin has continued to show strong resilience to further upward movement, boosting investor confidence about the potential of the crypto asset. Higher peaks In the coming days.
The next big event for Bitcoin could be $400,000
recently, Bitcoin There has been a wave of bold predictions as evidenced by the forecasts of market expert and investor, Trader Tardigrade Forecasts imagine A potential price target of $400,000 for BTC, using historical price trends and past cycle patterns as the basis for his forecast.
With positive market conditions increasing with growth Institutional interestthe expert’s analysis indicates that the bold price target can be achieved in short term. This prediction highlights the growing hope among market players who believe that Bitcoin is poised for a major rally.
After investigating Bitcoin’s recent price action, the expert pointed out the possibility of a significant rise in the near future as he identified a similar trend to past sessions, especially 2017-2020. “Bitcoin brings back the 2017-2020 Cup saga with a handle for another breakout,” he said.
The last time this pattern developed between 2017 and 2021, Bitcoin saw a massive rally from the $10,000 level to the $10,000 level. $60,000. Should BTC manage to reverse the move, Trader Tardigrade believes the development could send the cryptocurrency asset to a whopping $400,000 from its current price level.
Trader Tardigrade believes that if this pattern holds true, this big rally could happen in the coming months, within the uptrend of 2024 and 2025, as BTC continues to gain strength.
The expert’s expected upside for BTC is also supported by the recent breakout from the rising wedge formation, indicating the potential for notable price increases in the near term. According to For the Tardigrade trader, this breakout of the pattern represents a crucial moment for BTC before the impending massive rally. As a result, he warned investors to brace for volatility as they await a new all-time high for Bitcoin.
It is worth noting that a rising wedge formation is usually a bearish chart pattern. While a break below may lead to a downtrend for Bitcoin, a break above the pattern may reinforce continued bullish momentum.
Strong support at $74,500
Bitcoin She is at a historic moment with her new all-time high on Tuesday, sparking confidence about her future abilities. Currently, the digital asset is trading at $74,870, and is forming strong support at around $74,500, as evidenced by the bounce at the level twice today.
As Bitcoin continues to hold above its previous peak, investors and traders may gradually leave the market. In the past day, trading volume has decreased by approximately 6% Potential shift in sentiment and profit taking After it reached a record level.
Featured image from Unsplash, chart from Tradingview.com