Bitcoin Poised for Historic Breakout, Eyeing $140,000 by July 2024

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Afloat beneath its zenith, Bitcoin seems poised for a major breakout, with market analysts widely sensing a bullish trajectory informed by an infrequent chart pattern. Observers have taken keen note of an intriguing development: BTC marking two back-to-back monthly closes above the upper echelon of the Bollinger Band on the monthly chart.

This pattern sparks renewed interest for its rarity as well as its implications. Historically, Bitcoin has been observed to double in price within a span of three months whenever it seals two months consecutively above the upper Bollinger Band on the monthly canvas. Screening this pattern through the prism of the present, it portends that Bitcoin could catapult to a staggering $140,000 by as early as July 2024. This forecast, significantly, coincides with the three-month period immediately following the Bitcoin halving event.


Presently, Bitcoin’s trading arena buzzes with an undertone slightly below its former, all-time high-water mark of $73,800, recorded in the spring of 2024. Despite weeks punctuated by successive lower lows, Bitcoin rebounded with a keen recovery, injecting optimism for a possible resurgence of buyers. At the time of this dispatch, the digital currency traded robustly above the $71,800 region, surpassing the crucial liquidation threshold of approximately $72,000.

Yet, impending uncertainty looms. Will Bitcoin maintain its bullish ascent, or will history replay its dismal refrain of price collapse? Prior halving events have routinely triggered a startling plummet of up to 20%. Bitcoin’s journey from its pinnacle at $73,800 to a sobering low of around $60,000 before rallying to its current position is a testament to this pattern.

Further complicating the situation is the tantalizing prospect of a triumphant close above $74,000, which, if successful, promises a further upward surge in the days to come – potentially propelling Bitcoin towards the tantalizing $100,000 milestone. There’s also a strand of speculative thought that suggests Bitcoin could potentially ascend to $140,000 within a month, drawing a parallel with the price trajectory of December 2020 that marked a close to 3X surge after toppling the $20,000 high of 2017.

The present bullish sentiment shows promise of longevity with potential triggers poised to keep fueling the momentum. The increasing intrigue in spot Bitcoin exchange-traded funds (ETFs) – which have been a conduit for billions of dollars already – may continue to amplify demand and pump prices. A forthcoming halving event is another potential stimulus to keep the prices high.

Analysts are also tuning their lenses towards broader macroeconomic factors, particularly those originating from the United States. There is speculation the U.S. Federal Reserve may resist lowering interest rates thrice this year in light of strengthening labor conditions and slowing inflation. If the Fed shelves its strategy of interest rate reduction, the resulting tectonic shift could see Bitcoin leading the charge among safe havens in pursuing an uptrend.

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Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.