A crypto analyst has predicted that Bitcoin (BTC), the world’s largest cryptocurrency, is heading in the right direction to succeed in an unprecedented $263,000. Nonetheless, he also emphasized that this bullish surge to latest all-time highs is contingent on Bitcoin meeting specific market conditions.
Bitcoin Set For Massive Rally To $263,000
In an X (formerly Twitter) post on July 23, a crypto analyst identified as ‘Trader Tardigrade’ revealed that Bitcoin’s current price chart was forming a key technical pattern generally known as the “Cup with Handle chart pattern.” Notably, the Cup with Handle pattern is a singular technical indicator where the worth movement of a cryptocurrency typically resembles a cup, followed by a downward price trend which emulates a handle. This handle often signifies a buying opportunity to go long on the asset.
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Sharing a price chart illustrating Bitcoin’s Cup with Handle pattern, Trader Tardigrade noted that Bitcoin could witness a substantial rally to a measured goal of $263,000 before the tip of 2024. The analyst disclosed that for this bullish surge to occur, Bitcoin’s price can have to break above the $68,000 level, which represents the handle a part of the Cup with Handle chart pattern.
Source: X
In a newer X post, the crypto analyst revealed that Bitcoin’s price has reached the upper resistance of the descending channel pattern. This pattern signifies when the worth of a cryptocurrency is moving inside two parallel trend lines and sloping downwards. Typically, the upper trend line on this pattern acts like a resistance and the lower line acts as a support.
The analyst further noted that Bitcoin’s price has successfully reached the upper resistance of the descending channel. Nonetheless, he disclosed that the resistance was weaker than the lower support, making it easier for the cryptocurrency to potentially breakthrough.
Trader Tardigrade also predicts that Bitcoin could undergo a temporary period of consolidation before witnessing its next breakout move. The analyst declared that the market was currently in the course of a bull run, with Bitcoin set to surge even higher until late 2025.
Key Support Level Identified For Bitcoin’s Next ATH
Bitcoin’s price is currently trading at $64,239, marking a slight decrease of three.11% within the last 24 hours, in accordance with CoinMarketCap. Despite the cryptocurrency’s struggles to succeed in latest highs, Ali Martinez, a outstanding crypto analyst, stays bullish on its future outlook.
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Sharing a price chart depicting Bitcoin’s UTXO realized price distribution (URPD), Martinez predicted that BTC is poised to surge to latest all time highs soon.
Source: X
The analyst also disclosed that the $66,000 price mark was a crucial support level for Bitcoin. He added that if Bitcoin succeeds in holding a price level at $66,000, it might set a powerful foundation for a possible rally to latest levels.
BTC price drops to $64,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com