Cryptocurrency analyst predicts that Bitcoin (BTC)the world’s largest cryptocurrency, is on track to hit an all-time high of $263,000. However, he also stressed that this Sharp rise to new record highs It depends on how Bitcoin meets specific market conditions.
Bitcoin Headed for Massive Rise to $263K
In X (formerly Twitter) mail On July 23, a cryptocurrency analyst known as “Trader Tardigrade” revealed that the current Bitcoin price chart is forming a major technical pattern known as the “Cup and Handle Chart Pattern.” It is worth noting that Cup style with handle It is a unique technical indicator where the cryptocurrency price movement typically resembles the shape of a cup, followed by Price trend is downward Which mimics the handle. This handle often indicates a buying opportunity to hold the asset for a long period.
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Sharing a price chart showing a cup and handle pattern for Bitcoin, trader Tardigrade noted that Bitcoin could see high rise To a calculated target of $263,000 before the end of 2024. The analyst revealed that for this bullish rally to happen, the price of Bitcoin would have to rise to $1,000. Breaking $68,000, This represents the handle portion of the cup and handle chart pattern.
In the latest X PostCryptocurrency analyst reveals that Bitcoin price has reached the upper resistance level descending channel patternThis pattern indicates that the cryptocurrency price moves within two parallel trend lines and is sloping downwards. Typically, the upper trend line in this pattern acts as resistance while the lower line acts as support.
The analyst also pointed out that Bitcoin price It managed to reach the upper resistance of the descending channel. However, it revealed that the resistance was weaker than the lower support, making it easy for the cryptocurrency to break through.
Trader Tardigrade also predicts that Bitcoin may undergo a short bearish wave. Unification period Before he sees his next move. Analyst Advertise The market was currently in the middle of an uptrend, with Bitcoin poised to Prices are expected to rise to higher levels until late 2025..
Major support level identified for next Bitcoin higher
Bitcoin is currently trading at $64,239, which represents slight decrease By 3.11% in the last 24 hours, according to CoinMarketCap. Despite Cryptocurrency Conflicts Reaching new highs, Ali Martinez, a prominent cryptocurrency analyst, remains optimistic about its future prospects.
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Martinez shared a price chart depicting the Bitcoin UTXO Realized Price Distribution (URPD), And expect Bitcoin price is expected to rise to new record highs soon.
The analyst also revealed that the $66,000 price tag was critical support level He added that if Bitcoin succeeds in maintaining a price level of $66,000, it will lay a solid foundation for a potential rise in its prices. Rise to new levels.
Featured image created using Dall.E, chart from Tradingview.com
