The Bitcoin price hit an all-time high of $73,400 in March 2024, but has since retraced and remained below this level for the last four months. Despite this, there is optimism that the price will eventually recover and reach a new all-time high. Crypto analyst “Melikatrader94” on TradingView has predicted another run to $77,600 based on bullish chart patterns.
In the analysis shared by Melikatrader94, it was highlighted that Bitcoin had successfully broken out of a descending trend line. This breakout is seen as a sign of bullish pressure returning, leading to a potential price increase towards its previous all-time high. The analyst also pointed out multiple confirmations on the chart, indicating a strong rally following the trend line breakout. Despite potential corrections, the overall direction for Bitcoin is expected to be upwards.
While the prediction of a new all-time high at $77,604 is promising, Bitcoin is likely to face significant resistance levels on its way up. Melikatrader94 identifies $70,000 as a potential area for a downward correction, which must be surpassed in order to reach the current all-time high of $73,400. Beyond this level, the next major resistance point is at $73,612. The analyst suggests that both $70,000 and $73,612 could be potential re-entry points for traders.
Potential Price Movement
According to the analyst’s forecast, Bitcoin could experience a notable 15% price jump from its current level. However, achieving a new all-time high will not be a smooth journey, as it requires overcoming significant resistance levels. Despite the challenges ahead, the overall sentiment is optimistic regarding Bitcoin’s price trajectory in the near future.
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