Bitcoin formed a bullish candle
The monthly timeframe shows that the price has been steadily increasing throughout the year. After overcoming multiple resistance levels, BTC continued its upward trajectory.
The price surge led to a new all-time high of $60 thousand on February 20, fueled by growing institutional adoption and positive sentiment in the market.
However, in late February, Bitcoin experienced a slight pullback, forming a small bearish candle (red icon). Despite this, the overall trend remains bullish, with strong support levels in place.
The monthly RSI indicator is firmly in the overbought territory, indicating a strong bullish momentum. Although a correction may occur in the short term, the long-term outlook for Bitcoin remains positive.
Analysis from experts
Prominent cryptocurrency analysts and traders on Platform X are optimistic about the future of BTC.
CryptoWhiz predicts that Bitcoin will continue to rise, stating, “The recent pullback is merely a temporary correction in the ongoing bull market. We expect BTC to reach new highs in the coming months.”
Monthly chart BTC/USDT. Source: X
CoinProphet believes that Bitcoin’s price will consolidate in the near term, but ultimately break through to new highs, stating, “The current pullback is a healthy correction within a larger bullish cycle. We anticipate BTC to reach $70 thousand by the end of the year.”
BTC Forecast: Further Upside Potential
The daily timeframe suggests that Bitcoin still has significant upside potential. Based on the Elliott wave analysis, BTC is currently in the fifth wave of a larger bullish structure (white).
Sub-wave analysis (black) indicates that the price has completed the fourth wave and is poised for another leg up. The Fibonacci extension levels suggest potential targets at $65 thousand and $75 thousand.
BTC is currently consolidating above the $50 thousand support level, indicating a strong base for further upward movement. A breakout above the recent high of $60 thousand would confirm the resumption of the bullish trend.
As the cryptocurrency market continues to mature and gain widespread adoption, Bitcoin’s price is expected to experience significant growth in the long run.
Disclaimer: The information provided in this analysis should not be taken as financial advice. The cryptocurrency market is highly volatile and unpredictable. Readers are advised to do their own research and consult with a professional financial advisor before making any investment decisions.