As a seasoned researcher with a background in cryptocurrencies and technical analysis, I have witnessed the rollercoaster ride that is Bitcoin’s price action. Having closely monitored the market for years, I’ve seen numerous attempts to break through previous all-time highs, only to be met with rejection. The recent bounce back from $63,500 to around $67,000 has left me intrigued, as it comes after a long period of sideways and downward price action.
It seems that the Bitcoin price has made a strong comeback after four consecutive days of decline. The value briefly reached $63,500 but is now hovering around $67,000. Over the upcoming weekend or next week, Bitcoin bulls may try to surpass its all-time high of $73,800. Care to join this exciting ride?
As an analyst, I’ve observed that it has been 135 days since Bitcoin reached a new peak in mid-March of this year, following which there have been four unsuccessful attempts to surpass this high. Each attempt was ultimately rejected. The most recent attempt started from a significant reversal at $53,500 and advanced to $68,500 before experiencing a pullback to $63,500. Currently, the price is rapidly rebounding once more.
This time can be different
How can Bitcoin surpass its old record price this time around, given the current market conditions? What new factors are at play that could prevent another price rejection?
This week, a significant driving force could be the positive momentum indicated by the weekly stochastic RSI. The stochastic RSI, a reliable indicator, has signaled a bottom and bounced back up, with both its lines now above the crucial 20 threshold.
Strong momentum
Previously, when the stochastic RSI experienced a crossover and produced a false signal, resulting in a failed rally. However, the current situation presents a stronger indication, implying significant momentum is building up. Notably, the 2-week stochastic RSI has already bottomed out.
Next stage of Bitcoin bull run about to begin
After observing the weekly chart, it appears that a significant shift from the current downtrend to an uptrend for the relative strength indicator (RSI) may be imminent. This potential transition could take place as early as next week.
Each week, as Sundays roll around, the Bitcoin price might surpass the upper boundary of the bullish flag formation on the chart. Such a breakout could potentially trigger a substantial price surge, propelling Bitcoin beyond its previous record high and into uncharted territories.
Moving forward, Bitcoin’s bull market may continue, potentially reaching new heights. The first milestone could be surpassing $100,000, followed by an ambitious goal of $150,000 or beyond. Care to join me on this exciting journey?
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2024-07-26 14:11