In the world of digital finance, cryptocurrency giant Bitcoin (BTC) has once more made a lofty jump over the benchmark of $70,000. In the aftermath of a brief stagnation, where trading fluctuated between $67,000 and $69,000, a considerable resistance emerged against this upward trajectory at the $70,000 level.
Yet, with the bullish momentum holding strong, the path seems clear for Bitcoin to establish a foothold above $70,000. This positions the trailblazer cryptocurrency favourably for a potential revisitation to the next resistance that lies at $71,300, and a possible ascent towards the record high of $73,700, attained earlier in the year.
The air is rife with anticipation and curiosity on whether Bitcoin can sustain this rise alongside pressing onward through this apparent upward surge.
On this, Ali Martinez, a noted crypto analyst, points out the importance of Bitcoin’s recent emergence from a symmetrical triangle on the BTC/USD 60-minute chart. If a lasting conclusion above the $69,330 hurdle is achieved, Martinez suggests that this could likely catapult Bitcoin to $74,400. Such a leap would usher a new pinnacle and position the cryptocurrency advantageously to dominate even higher levels.
Besides, Martinez also underscores Bitcoin’s prevailing advantageous position over the +0.5σ pricing band. Based on Martinez’s interpretation, maintaining this edge will likely allow Bitcoin to rise, testing the 1.0σ pricing band where it may touch $79,600.
Adding to this, another analyst, Rekt Capital, remarks that Bitcoin finds itself once again at the Range High of the ReAccumulation Range. According to Rekt, the future seems promising for Bitcoin, with the digital asset being just one weekly close over the Range High away from embarking on the Parabolic Phase of its market cycle.
Bitcoin’s sharp climb to novel all-time peaks in mid-March demonstrated an expedited market cycle, having sped by 260 days, as observed by Rekt Capital. Despite a subsequent multi-month period of consolidation, the rate of acceleration has eased to an estimated 170 days. Yet, the cycle continues to quicken, and surpassing the $73,700 level would hint that the accelerated cycle is poised to persist.
Crypto Con, a seasoned market analyst, agrees that Bitcoin is slated to keep up its favourable trajectory till the end of 2024, with his assessments based on an analytical interpretation of the 90-day realized profit/loss ratio (RPLR).
Going by Crypto Con’s prediction, the first breakthrough over an RPLR value of 11 is already in the bag, a move that aligns with previous cycles that culminated at the year’s close. The second summit with this measurement, indicative of “the true cycle top,” is anticipated to materialize somewhere between September of this year and January 2025.
With the accumulated analyses and interpretations hinting at Bitcoin’s strong potential for additional price appreciation, the digital currency’s capacity to shatter incumbent resistance levels while preserving its bullish energy will determine the course it traces in the imminent days. Whether it will outstrip earlier record highs remains in the balance.
At the time of this narrative, the preeminent cryptocurrency on the market is currently trading at a comfortable $70,800, an impressive 4.4% increment over the past seven days.
