Bitcoin (BTC), which is the biggest cryptocurrency on the market, once again surpassed the important milestone of $70,00. After a period of consolidation Price resistance was strong between $67,000 to $69,000.
But the upward momentum indicates that Bitcoin might consolidate over $70,000. This could lead to a retest. next Resistance at $71,300, and its potential ascent all-time high In March, the (ATH of $73,700 was reached.
Question: Can BTC continue to rise and increase in value?
Bitcoin to Surge Up To $74,400, According to Analyst
Crypto analyst Ali Martinez highlighted What is the significance of Bitcoin breaking through a symmetrical triangular pattern on the BTC/USD chart?
Let’s say the break-out is confirmed by an extended close over the $69330 level. Martinez thinks that in this case BTC could reach $74,400 and set a new record high, allowing it to climb to even higher levels.
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Martinez also emphasizes Bitcoin’s current positioning above the +0.5σ pricing band. According to the analyst, if BTC holds above this band, it will likely rise and test the 1.0σ pricing band at $79,600.
Rekt capital is another analyst. points out Bitcoin is now back at the Range High of ReAccumulation Range. Rekt has no change in outlook when it comes to Bitcoin. It is only one week away, after the weekly close, from reaching the Parabolic Phase.
BTC Cycle Acceleration Signals ongoing Bullish Trend
Rekt’s analysis is important, but it is also worth mentioning that Bitcoin’s recent rise to all-time records in March showed an accelerated market cycle. Rekt Capital observed The cycle was increasing by 260 day.
Due to Bitcoin’s consolidation over the past several months, this rate has decreased to around 170 days. The cycle is still accelerating despite the adjustments. A breakthrough above $73,700 would signal that the accelerated cycle This is likely to be the case.
Crypto Con is an analyst who believes Bitcoin’s trajectory will remain positive until the year 2024. He bases his opinion on the analysis 90-day realized loss/profit ratio (RPLR).
According According to Crypto Con the move above a RPLR of 11 is complete, in line with past cycles which have seen peaks at the end of the year.
Second highest pinnacle based on this metric. “the true cycle top,” The expected date of occurrence is between September 2015 and January 2020.
Crypto Con also emphasizes the importance of taking into consideration the logarithmic indicator MVRV (Market value to realized value), which garnered considerable attention during this cycle.
You can also find out more about the following: logarithmic MVRV The converging channels have accurately detected the tops and bottoms of cycles. In terms of data, the progress of the cycle could be further than what appears.
The March 2024 price was similar to that of the previous cycle tops. Crypto Con points out that the price has plenty of room to grow towards cycle peak.
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The observations and analysis suggest that Bitcoin has a strong potential to increase in price. It is the cryptocurrency’s capacity to maintain bullish momentum and break through key resistance levels that will determine whether or not it surpasses previous ATHs.
As I write this, the biggest cryptocurrency currently on the market trades for $70,800. This is up 4.4% from the previous seven-day period.
The featured image is from Shutterstock. Charts are from TradingView.com
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Source: www.newsbtc.com