Following Bitcoin‘s surge to its historical peak of $73,777, market participants are keenly anticipating its subsequent direction. Amidst a recent dip to $65,000, speculation arises concerning the possibility of a further retreat prior to the upcoming halving event. Nevertheless, a cryptocurrency analyst suggests that the iconic digital currency might be gearing up to set a new record before the closure of March.
Technical Analysis Signals a Bullish Trend
Cryptocurrency analyst Trading Shot, renowned for his insights, has spotted signals based on technical analysis that point to a potential rise in Bitcoin’s value. A recent observation highlights that Bitcoin’s retracement to $65,000 marked its inaugural entrance into the bullish Ichimoku Cloud for the month, also coinciding with the lower boundary of a short-term ascending channel pattern.
Expert Forecasts and Market Dynamics
The analyst underscores that as long as Bitcoin’s price action remains within this ascending trajectory, an uptrend is likely to continue, potentially leading to an upward thrust towards the $90,000 mark, in alignment with the 3.0 Fibonacci extension level. Additionally, the ongoing support from the daily MA50 (red trend line) boosts confidence for another ascent towards an all-time high either by the end of March or early April.
In reinforcing his prediction, the expert draws parallels between the current market patterns and those observed in December 2023. This comparison spans across price movements, moving averages, and sequences in the Relative Strength Index (RSI), bolstering the likelihood of continued upward momentum.
Speculations on a Potential Retreat
Nevertheless, there is caution against a possible decline if Bitcoin breaks below the ascending channel’s support. Such a scenario could see the cryptocurrency’s value retracting towards the $60,000 level, a figure that aligns with the four-hour MA200. As the market grapples with these dynamics, critical support zones have been identified between $64,750 and $66,700. A breach of these could prompt investors to observe the $60,760 and $62,790 levels. Currently, Bitcoin trades slightly below $67,000, sustaining the speculative atmosphere regarding its next peak.