After hitting an all-time high of $73,400 in March 2024, Bitcoin has since rebounded, remaining below the all-time high for the past four months. However, expectations remain high that Bitcoin will eventually recover and reach its all-time high, with cryptocurrency analyst Melikatrader94 on TradingView predicting another rally to $77,600.
Bitcoin Turns Bullish on Charts
In an analysis shared on TradingView, cryptocurrency analyst Melikeatrader94 said: open Her thesis on why Bitcoin is heading to an all-time high. The main reason behind this prediction is the bullish chart patterns.
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The crypto analyst noted that Bitcoin price has managed to break out of the downtrend line. This is important because such a breakout signals the return of bullish pressure, causing the price to rise. From here, Bitcoin could rally towards its all-time high price.
Moreover, there have been multiple confirmations on the chart, suggesting that the rally from this downtrend line break could be incredibly strong. The crypto analyst points out that there will be corrections along the way. But ultimately, the direction for Bitcoin price from here is up.
Bitcoin Price Targets
With Bitcoin breaking out of the downtrend line, the crypto analyst believes that the price will rise to an all-time high of $77,604. However, this will not be an entirely smooth path for Bitcoin as major resistance levels await it.
For starters, the crypto analyst believes that Bitcoin is at risk of a downside correction when it eventually reaches $70,000. This would make it the first major level to break through on the way to a new all-time high before hitting another resistance.
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If Bitcoin manages to break above $70,000, it is expected to reclaim its all-time high above $73,400. However, it faces significant resistance in the short term. The analyst’s next resistance level is at $73,612. As a result, the analyst believes that $70,000 and $73,612 could be potential entry points.
According to cryptocurrency analysts’ predictions, Bitcoin price could see a significant 15% increase from its current level. Moreover, Bitcoin price reaching its all-time high would be positive for the cryptocurrency market as the leading cryptocurrency is the established market driver and altcoins are following its lead.
Featured image created using Dall.E, chart from Tradingview.com
