Bitcoin Price Back Within the Range: New ATH at $75,000 is Pre-Programmed
The post Bitcoin Price Back Within the Range: New ATH at $75,000 is Pre-Programmed appeared first on Coinpedia Fintech News
The Bitcoin bulls are back! The BTC price clears a major hurdle and is ready to trigger a massive run, forming a new ATH. Besides, it was a huge day for the spot BTC ETF as the inflows recorded exceeded $400 million. Blackrock’s iShares Trust drawing nearly $260 alone. This is the eighth consecutive day of positive inflows, marking the best performance since July 5.
Now that the price has achieved the major resistance, the next target at $69.000 has been activated. A bullish weekly confirmation above $65,000 may clear the hurdle to reach $70,000. The recent price action displays a similar price action that led to the 2021 highs. If a similar trend repeats, the Bitcoin price may surge by another 60% before the end of the year.
In 2021, after marking a new ATH at $64,854, the BTC price faced a 50% pullback as the price dropped close to $30,000 and consolidated for a couple of months. Further, the price broke out of the pattern and led to a 60% upswing to mark a new ATH close to $69,000. Presently, the price appears to be at the foothill of a major explosion as the price is heading towards the upper resistance of the expanding megaphone, aiming to clear the levels. Besides the RSI is also displaying a similar action while the bull market support band is heading towards a bullish crossover.
Therefore, all the fractals indicate a huge probability of triggering a fresh bull rally, which may not only lift the levels to $75,000 but may find a new ATH much higher than this. The BTC price faced only a 25% correction, just half of that it faced in 2021 and hence the upper limit is also expected to remain higher than before. Hence, if the Bitcoin (BTC) price rally recreates the previous trend, then the token may mark a new ATH above the $100,000 milestone before the end of the year.
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