After living through the rollercoaster ride that is Bitcoin investment, I can confidently say that this latest surge has been unlike any other. The feeling of anticipation amongst Bitcoin bulls is palpable as we inch closer to the all-time highs and beyond.
In just under three weeks, Bitcoin‘s value has soared by nearly $15,000. Bitcoin enthusiasts are now gearing up for the final surge that will propel Bitcoin back to its peak and surpass it. The takeoff is imminent.
Bitcoin bulls ready for last push
Bitcoin is poised to take center stage as the dominant cryptocurrency globally. The current bull market has propelled it to the precipice of becoming a significant player in the international monetary landscape.
Bears put in significant effort: When Bitcoin hit a new record high in March 2021, bears managed to regain control, pushing the price back and forth between gain and loss, bringing it close to a potential collapse around $53,500.
Despite a significant bounce-back from this point, Bitcoin has regained its position at the peak of the bull flag. Following such a considerable price increase, it was natural for the Bitcoin price to encounter resistance and retreat from the flag’s summit yet again.
Despite this temporary pause in Bitcoin’s price advancement, it has provided an opportunity for buyers to regroup and potentially propel the cryptocurrency to new all-time highs by surmounting the flag resistance.
$BTC price flirts with top of bull flag
Within a 4-hour span, the Bitcoin price shows signs of approaching the peak of its bull flag. Following a rejection at this level, the price has since moved within an uptrending channel. A recent recovery from the channel’s lower boundary was observed.
With a degree of caution, this trend indicates a bearish outlook, and it’s common for the price to leave this range and decrease in value below it. Furthermore, the uppermost Fibonacci level of 0.236, or $65,000, should be considered as a potential resistance point for testing before any significant upward movement.
Speaking naturally, The price is currently bouncing back from the bottom of its channel, and there’s a good chance it may try to break through the resistance level at the top of this bull flag formation. Furthermore, it’s worth noting that all short-term Stochastic RSI momentum indicators have recently reset. This is an encouraging sign, suggesting that we could be in for a renewed surge in upward momentum.
Bitcoin’s time has come
From a daily perspective, the Bitcoin price stands high within the confines of a potential bull flag formation. However, there’s ongoing debate as to whether this pattern still holds, with some traders like Peter Brandt arguing that it may no longer be considered a bull flag due to its prolonged duration.
If the situation holds true, then this chart depicts a descending trendline at the minimum, while a potential break above would point toward a price target of around $82,000.
If the BTC price surges beyond expectations and shatters its current channel, it’s unlikely that the record-high of $73,800 will hold for an extended period. Instead, a climb towards the next significant level at $100,000 (representing the 1.618 Fibonacci extension) might ensue. Beyond this, Bitcoin could potentially target the next major milestone at $150,000. Whether or not Bitcoin will reach these levels is still uncertain. However, its growing potential as a prospective world reserve currency becomes increasingly evident. The Bitcoin revolution has truly begun.
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2024-07-24 13:13