Bitcoin’s recent price surge has analysts buzzing about its next move. After hitting a new all-time high of $111,814, it’s now consolidating, but some believe this is just the beginning of another major price increase.
Bitcoin’s Second Uptrend
Bitcoin recently broke out of a period of sideways trading, successfully retesting the $104,500 level as support. This confirms, according to some analysts, the start of a second “price discovery” uptrend. The crypto has seen a significant recovery over the past month, rallying almost 50% from its April lows.
Analyst Predictions
Analyst Rekt Capital sees this as the start of a new phase. He points out that Bitcoin has successfully reclaimed and surpassed key support levels, suggesting a new, higher trading range is likely to form after this current upward move. However, he also cautions that history suggests a correction of 25-35% might be on the horizon before another significant price increase. The key, according to Rekt Capital, is holding above the $104,500 level.
Another analyst, MacroCRG, emphasizes the importance of Bitcoin reclaiming the $110,000 level – its previous all-time high. Breaking through this resistance would likely trigger another strong price increase.
Trader Daan Crypto Trades notes that while Bitcoin is showing strength, the price action is a bit choppy in the short term. However, as long as it stays within its current range, he doesn’t see this as a major cause for concern.
What’s Next for Bitcoin?
Currently, Bitcoin is testing the $109,000 support level. Holding this level could lead to a breakout above $110,000. However, a failure to hold this support could send the price down to the $106,000-$108,000 range. At the time of writing, Bitcoin is trading at around $109,181. The overall outlook remains positive, contingent on holding key support levels.
