The Bitcoin price hit an all-time high of $73,400 in March 2024 but has since retraced, remaining below this level for the last four months. Despite this, there is optimism that the price will recover and reach a new all-time high, with some analysts predicting a run to $77,600.
One crypto analyst, Melikatrader94, shared her analysis on TradingView, pointing out bullish chart patterns as the major reason behind her prediction. She noted that Bitcoin had broken out of a descending trend line, signaling a return of bullish pressure and a potential price increase towards the all-time high.
While the prediction is positive, there are major resistance levels that Bitcoin will need to overcome on its way to a new all-time high. The first challenge is at $70,000, where a downward correction is expected. If Bitcoin surpasses this level, it will then need to tackle another resistance at $73,612 before reaching the predicted price of $77,604.
According to the analyst, both $70,000 and $73,612 could serve as possible re-entry points for investors looking to capitalize on the expected price increase. These levels may present opportunities for traders to buy back in at a lower price before the anticipated jump.
While the prediction of a 15% price increase is promising, it is important to consider the volatility of the cryptocurrency market and the inherent risks involved in trading. Investors should conduct thorough research and consider their risk tolerance before making any investment decisions based on price predictions.
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