Bitcoin has been trading below its all-time high of $73,400 for the past few months. But one analyst believes the crypto king is about to make a comeback.
Bullish Charts Point To New High
Melikeatrader94, a crypto analyst on TradingView, sees a bullish future for Bitcoin. They point to a recent breakout from a descending trend line, indicating a return of bullish pressure. This breakout suggests a strong rally is on the horizon.
While corrections are expected along the way, the overall direction for Bitcoin is up, according to the analyst.
Bitcoin’s Path To $77,604
Melikeatrader94 predicts Bitcoin will reach a new all-time high of $77,604. However, the journey won’t be smooth sailing.
The analyst identifies two key resistance levels:
- $70,000: This is the first major hurdle Bitcoin needs to overcome.
- $73,612: This is the next major resistance level, just above the current all-time high.
The analyst believes these resistance levels could offer potential re-entry points for traders.
Positive Impact On The Crypto Market
If Bitcoin does hit a new all-time high, it would be a positive sign for the entire crypto market. As the leading cryptocurrency, Bitcoin’s movements often influence the direction of other altcoins.
This potential 15% jump in price could be a major boost for the crypto market as a whole.
