Bitcoin Targets New All-Time High at $84,929 as Bulls Push Above $71,000
As the surge in Bitcoin’s price continues, surpassing the $70,000 mark, there is speculation about whether the rally will extend to reach $80,000 by November.
The cryptocurrency market as a whole has also seen growth, with a total market cap of $2.4 trillion, representing a 4.8% increase in the past 24 hours. Bitcoin itself has experienced a significant increase of nearly 5% during this time.
With Bitcoin crossing above the psychological barrier of $70,000, bullish investors are hopeful that the price will reach new all-time highs. However, the question remains whether it is the right time to buy Bitcoin near its peak.
Currently trading at $71,173 and with a market cap of $1.4 trillion, the BTC price has shown a bullish flag breakout rally in the daily chart. This rally has gained momentum after a post-retest reversal, resulting in five consecutive bullish candles. Over the course of seven days, the BTC price has increased by 8.48% from its lowest point of $65,521.
In the daily chart, various indicators support the bullish trend. The MACD and signal lines have experienced a positive crossover, with bullish histograms indicating a surge in buying pressure. Additionally, the golden crossover of the 50-day and 200-day simple moving averages further strengthens the bullish sentiment.
In the 4-hour chart, Bitcoin’s price movement is exhibiting a rising channel pattern. The bullish trend within the channel is evident as BTC bounces back from the support trend line. Currently, the price is approaching the overhead resistance trendline and faces opposition from the 50% Fibonacci level at $71,463.
Given the recovery rally and increased breakout chances, it is speculated that the bulls may soon test the overhead trendline near the 78.60% Fibonacci level at $74,500. Furthermore, the likelihood of Bitcoin hitting a new all-time high has significantly increased.
In a longer-term projection, the Fibonacci retracement tool in the daily chart paints the next resistance levels above the all-time high at $78,318 and $84,929. These levels correspond to the 1.272 and 1.618 Fibonacci levels, respectively.
Overall, the trajectory of Bitcoin’s price is upward, with bullish indicators supporting the case for a new all-time high. However, investors should carefully consider their investment strategies before buying near the peak.