After reaching an all-time high of $73,400 in March 2024, the Bitcoin price has since recovered and remains below the all-time high of the past four months. Nevertheless, expectations remain high that the Bitcoin price will eventually recover and reach a new all-time high, with crypto analyst “Melikatrader94” on TradingView predicting a new price to $77,600.
Bitcoin turns bullish on the charts
In the analysis shared on the TradingView website, crypto analyst Melikeatrader94 revealed her thesis on why the Bitcoin price could be heading for a new all-time high. The main reason behind the prediction is bullish chart patterns.
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The crypto analyst pointed out that Bitcoin price had successfully broken out of a downtrend line. This is important because such a breakout signals a return of bullish pressure, pushing the price higher. From here, Bitcoin could head towards its current all-time high price.
Additionally, multiple confirmations have appeared on the chart, suggesting that the resulting rally from this downtrend line break could be incredibly strong. The crypto analyst points out that there will be corrections along the way. But ultimately, the direction for Bitcoin price from here is up.
BTC price targets
With Bitcoin breaking out of the downtrend line, the crypto analyst believes the price will rise to a new all-time high of $77,604. However, this won’t be a completely easy road for Bitcoin as major resistance levels lie ahead.
For starters, the crypto analyst believes that the BTC price risks a downside correction when it eventually reaches $70,000. This makes it the first major level to clear the way to a new record high before resistance emerges again.
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If Bitcoin manages to beat $70,000, it is expected to regain its current all-time high above $73,400. However, at short distances it encounters great resistance. The analyst’s next resistance level is at $73,612. This makes the analyst believe that both $70,000 and $73,612 could serve as possible re-entry points.
Going by the crypto analyst’s prediction, Bitcoin price could see a notable 15% price increase from current levels. Furthermore, BTC price hitting a new all-time high would be positive for the crypto market as the pioneer cryptocurrency is the established market mover and altcoins are following its path.
Featured image created with Dall.E, chart from Tradingview.com
