Bitcoin (BTC) Eyes Reclaiming the $70,000 Level and Possibly Hitting a New ATH in the Next Few Weeks

Amid a positive sentiment triggered by former United States President Donald Trump expressing unwavering support for Bitcoin (BTC) at one of the largest cryptocurrency events in existence, the maiden crypto asset is eyeing to reclaim the $70,000 level, but it might not end there.

Former United States President Donald Trump expressed his unwavering support for Bitcoin (BTC) at one of the largest crypto events in existence, which has had a positive impact on the price of the apex crypto.

As a result, BTC is now eyeing to reclaim the $70,000 level, and some experts believe that it could even hit a new all-time high (ATH) in the next few weeks.

According to crypto market analysts at Bitcoinsensus, a Wyckoff re-accumulation chart pattern has been identified, which looks “very promising.” The pattern is showing that an all-time high seems inevitable by mid-September. However, the experts also noted that there is a potential for a pullback before reaching that peak.

The Wyckoff pattern is a technical analysis method that was developed by legendary trader Richard Wyckoff. It involves identifying patterns in price and volume data to predict future price movements.

According to the Wyckoff theory, a complete market cycle consists of four key phases: accumulation, markup, distribution, and markdown. In a bull market, the accumulation phase is typically followed by a markup phase, which is characterized by a strong uptrend in price.

Renowned crypto trading analyst Ali Martinez also believes that the uptrend will continue, with his analysis showing that the TD Sequential is currently presenting a sell signal on the Bitcoin hourly chart, anticipating a brief correction before the continuation.

Moreover, crypto specialist Michaël van de Poppe pointed out that Donald Trump’s speech has had a positive impact on the price of Bitcoin, adding that the crypto might be heading toward an ATH test in the coming weeks.

According to van de Poppe, as long as BTC stays above $60-62K, it is in good territory for further continuation.

It is worth noting that Trump expressed his full support for the crypto industry at the Bitcoin 2024 convention in Nashville, Tennessee. He stated that he would make it his administration’s policy to ‘hodl’ all Bitcoin in the possession of the government and keep crypto businesses in the country.

At the time of writing, Bitcoin is trading at a price of $69,410, which marks an increase of 2.45% over the past 24 hours and a gain of 2.38% over the past seven days.

According to the data provided by Finbold, the apex coin’s monthly gain currently stands at 14.10%. BTC's total market cap is now at $1.33 trillion, which represents about 39.39% of the entire crypto market.

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