Bitcoin continues to maintain up its momentum toward the upward trajectory, touching the $68,000 price mark earlier today, leading to speculations about how long it could take to hit a recent peak.
Bitcoin To Reach $70,000 In A Matter Of Time
With the price motion of Bitcoin today, several crypto analysts are bullish about BTC as they consider that the crypto asset could reach a recent peak very soon. The digital asset recently touched the $68,000 threshold for the first time in nearly 3 years, placing it just in need of capping off a notable recovery.
In a post on the social media platform X (formerly Twitter), Cryptocurrency analyst and enthusiast Crypto Jelle has expressed his bullish optimism toward BTC with the community. His predictions examine Bitcoin’s current price position and its potential to surpass its all-time high.
In step with the crypto expert, the price of BTC is just “inches away” from reaching unprecedented heights. He identified that the coin tried to interrupt through its current peak but was unsuccessful.
Furthermore, he noted that the crypto asset is presently “retesting the 4-Hour 25 Exponential Moving Average (EMA) and the 50 Relative Strength Index (RSI).” Nonetheless, crypto Jelle believes that “each trends are good entries that will trigger a bounce” to a recent level.
BTC inside inches away from its peak | Source: Crypto Jelle on X
Consequently, the analyst has predicted the asset to attain “$70,000 in only a matter of time.” Furthermore, he has urged the community to be patient as that’s the “name of the game.”
The post read:
Bitcoin is inside inches of a recent all-time high. Rejected on its first attempt, but now retesting the 4-Hour 25E MA and the RSI 50 level. Each are prone to be good entries for a bounce. $70,000 is a matter of time, and patience stays the key.
As Bitcoin continues to rally, the token’s fear and greed index seems to have also skyrocketed. Jelle has also highlighted in a single other post that BTC’s “fear and greed index are presently reaching extreme levels.”
Nonetheless, this doesn’t imply that we will be seeing a pullback, in accordance with the expert. He then clarified that as of the time Bitcoin surpassed $20,000, the fear and greed index was higher than it’s now while urging investors to not be “shaken out” of the market.
BTC Could Hit $150,000 Before 2024 Closes
The highest of research at Fundstrat, Tom Lee, has also shared his optimism toward BTC in an interview with CBNC. Tom Lee’s optimistic overview came in light of the asset forthcoming to its peak.
In step with Lee, he believes that Bitcoin is heading straight back towards its “long-term trendline.” As a consequence of this, he has placed his price goal at “$82,000 inside the short term.” Lee also predicted a long-term price for BTC, putting his goal at “$150,000 before the 12 months closes.”
Presently, Bitcoin is situated at $66,710, up by over 2% to date day, and above 18% to date week. CoinMarketCap shows that its market cap and trading volume are up by 2.70% and 70.61% to date day, respectively.
BTC trading at $66,772 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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