Bitcoin’s initial break above the six-figure price in 2024, and then its eventual move to an all-time high of $126,000, has expectations of higher prices. Even as the price continues to fall below $100,000, it has done little to erase the bullish momentum surrounding the cryptocurrency, especially in the long term. As a result, predictions continue to come true that the Bitcoin price will eventually return to 6-figures, eventually reaching new all-time highs.
Charting the Bitcoin Price Recovery
In one after On the TradingView website, Setupsfx points out something interesting about the Bitcoin price chart and why it is bullish for the digital asset. After the Bitcoin price regained $70,000 earlier this week, it set the tone for a new recovery trend, and the analyst suggests this means the price could still rise to $200,000.
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The analysis highlights that, unlike before, the break above $72,000 was accompanied by strong bullish volume. What this simply means is that the cryptocurrency is currently in high demand, and that is what is driving the current uptrend. If this continues, the price will likely continue to rise rather than experiencing another crash.
Following the current trend, the analysis determines the first major Bitcoin target at the $104,000 level. This is important because there is a liquidity gap in this area. This means that the uptrend could come to an end at this level, which is a major resistance point.
However, not all hope is lost at this point, as it simply shows how important it is to break through this resistance. Once this breaks through, it will set the cryptocurrency on the path to the next big target, which is at $124,000. Reaching $124,000 would be of great significance for the Bitcoin price as it sits just below the current all-time high.
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The final target for this analysis is actually at the $134,000 level, which could consider the uptrend complete. As for the rally to $200,000, the analyst explains that this is still possible, despite many saying it is unrealistic. Primarily, the goal of $200,000 has been set for the long-term view on the cryptocurrency.
Featured image of Dall.E, chart from TradingView.com