Bitcoin (BTC) Looks to Reclaim the $70,000 Resistance Level, Analyst Predicts New ATH Soon

As Bitcoin (BTC) looks to reclaim the $70,000 resistance level, a crypto analyst has pointed out that chart patterns indicate a potential all-time high in the near future.

As Bitcoin (BTC) continues to trade within a narrow range, a crypto analyst is highlighting a potential breakout on the weekly chart that could bolster bullish sentiment and set the stage for higher price levels.

In a recent analysis on July 20, crypto analyst Stockmoney Lizards pointed out the formation of the “Three Inside Up” pattern on Bitcoin's weekly chart. This pattern is a strong bullish reversal signal that typically emerges after a period of extended downtrend or consolidation.

The Three Inside Up pattern consists of three candlesticks. The first candle is a large bearish candle, indicating selling pressure. The second candle is a smaller bullish candle that forms within the range of the first candle, usually on the second or third day of the candle. The third and final candle closes above the 50% level of the first candle, completing the bullish breakout pattern.

According to the analyst, Bitcoin is currently approaching the critical 50% level of the first candle, around the $66,500 zone. If confirmed, this pattern would indicate the beginning of a new uptrend, signaling a shift in market sentiment and potentially setting the stage for higher price levels in the coming weeks.

“Three Inside Up on the weekly to complete this bottom, and we're approaching that critical 50% level,” the analyst noted.

This analysis aligns with the broader technical outlook for Bitcoin, which has experienced a bullish momentum in recent weeks following a period of ranging price action and lower volatility. Several analysts have pointed to technical indicators suggesting a potential breakout to the upside.

However, it's crucial to note that crypto markets are inherently volatile and subject to rapid price movements. Investors are advised to proceed with caution and conduct their own research before making any investment decisions.

The above is the detailed content of Bitcoin (BTC) Looks to Reclaim the $70,000 Resistance Level, Analyst Predicts New ATH Soon. For more information, please follow other related articles on the PHP Chinese website!