The Bitcoin price has enjoyed a remarkable rebound in the past week, drawing parallels to the optimism often associated with Holy Week among Christians. This newfound momentum has permeated the entire market, leading to significant gains for other major cryptocurrencies over the past seven days.
The Bitcoin price revival appears to be in its early stages, with a popular crypto expert on the
Bitcoin Price Reaches $75,000?
In a recent one post on the X platform, Ali Martinez came up with an optimistic prediction for the price of Bitcoin. According to the crypto analyst, the current price action of the leading cryptocurrency indicates that BTC may be ready for another price increase.
This bullish prediction is based on the formation of an inverse head and shoulders chart pattern in a 30-minute time frame. Given the short time frame, if this projection comes true, it will likely become a reality in the coming days.
Typically, a head-and-shoulders price pattern indicates a bullish-to-bearish trend reversal and indicates that an uptrend may be coming to an end. The inverse head-and-shoulder chart formation, on the other hand, suggests the possible reversal of a downtrend, with a potential bullish move on the horizon.
The Bitcoin price forms an inverse head-and-shoulders price pattern on the 30-minute timeframe | Source: Ali_charts/X
According to the highlighted chart above, Bitcoin price is currently trending above the 200 exponential moving average (EMA). If the coin maintains its position above this moving average and manages to cross the neckline resistance at $71,580, Martinez expects the price of BTC to rise further towards $74,760.
This target of almost $75,000 would be a new all-time high for the Bitcoin price and a move of almost 5% from the current price point. The current all-time high for BTC is around $73,700, just over two weeks ago.
BTC price overview
At the time of writing, Bitcoin is valued at $69,875, reflecting a 0.7% price decline in the past day. Although the major cryptocurrency is back below the $70,000 level, this slight dip is not substantial enough to erase last week’s gains.
According to data from CoinGecko, the Bitcoin price has risen by almost 10% over the past seven days. After rising to $71,500 earlier this week, BTC is now about 5% behind its all-time high.
Nevertheless, Bitcoin still maintains its position as the largest cryptocurrency in the industry, with a market capitalization of over $1.37 trillion.
Bitcoin price hovering around the $70,000 mark on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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