The Anticipation for Bitcoin’s Next Move: Will It Reach Another All-Time High?
After Bitcoin (BTC) reached an all-time high of above $73,000, there is much speculation about the future of the leading cryptocurrency. Some believe that Bitcoin may be experiencing a pre-halving retracement after dropping from its record high to around $65,000 in just a few hours.
However, according to crypto trading expert Trading Shot, technical indicators suggest that Bitcoin is likely to reach another all-time high by the end of March.
The Technical Analysis
Trading Shot analyzed Bitcoin’s price movements using technical indicators and shared their findings on TradingView. Here are the key points:
- Bitcoin broke below the four-hour MA50 and entered the green Ichimoku Cloud for the first time in the month.
- Bitcoin touched the bottom of the short-term channel up pattern.
- The Ichimoku Cloud is a technical indicator used to assess potential future price movements and identify support and resistance levels.
Despite the dip, Trading Shot noted that this drop marked the second higher low for the pattern, indicating a potential continuation of the bullish trend. As long as the candles continue to close inside the channel up, investors can expect the bullish trend to persist. The expert predicts a possible break-out attempt towards the 3.0 Fibonacci extension at $90,000.
“As long as the 1D MA50 (red trend-line) holds, we can look forward to a bullish reversal and higher accumulation towards yet another ATH near the end of the month or at worst first week of April,” Trading Shot stated.
The analyst also pointed out similarities between the current pattern and December 2023, not just in price action and moving averages (MA), but also in relative strength index (RSI) sequences. This reinforces confidence in a bullish continuation.
Potential Bitcoin Downside
However, Trading Shot did caution that a downside break in the channel up pattern could lead to a potential downturn to $60,000, coinciding with testing the four-hour MA200.
It is important to note that after reaching $73,700, Bitcoin experienced a sharp correction. This trend has been observed in the past, where BTC tends to exhibit volatility after hitting a record high.
Investors should closely monitor select price levels in the coming days to gauge Bitcoin’s next move. Currently, the $64,750 to $66,700 range is a crucial support level. If this range is lost, investors should pay attention to $60,760 and $62,790 as potential support levels.
Bitcoin Price Analysis
As of now, Bitcoin is trading at $67,930, reflecting a 0.35% decrease in the last 24 hours. Over the past week, Bitcoin has seen a decline of about 0.47%.
In Summary
To summarize, investors should closely monitor Bitcoin’s trajectory as it remains influenced by overall market sentiments. It is crucial to keep an eye on key support and resistance levels for potential price movements.
🔥 Hot Take: Will Bitcoin Reach New Heights or Experience a Downturn?
The anticipation for Bitcoin’s next move is high as investors wonder whether it will reach another all-time high or experience further downward movement. While technical indicators suggest the possibility of another record-breaking price level by the end of March, there are also concerns about potential downside risks.
As a crypto reader, it is important to stay informed about the latest developments and monitor Bitcoin’s price movements. Keep an eye on the support and resistance levels mentioned in this article to make informed investment decisions.
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