Bitcoin (BTC) Price Prediction: BTC Price Rally Creates New All-Time High as Bulls Resurface
- WBOYOriginal
- 2024-08-20 18:34:17449browse
Recovering from a minor slump below the $60,000 critical mark, Bitcoin is back with the hype of rate cuts resurfacing.
Bitcoin price is back on the bullish hype as the talks of rate cuts are resurfacing. Concluding the bearish sprint and continuing the prevailing uptrend, BTC price is exceeding the $61,000 level as the bullish engines are heating up.
So, are you planning to buy Bitcoin as the bulls resurface? Most importantly, will this BTC price rally create a new all-time high?
Bitcoin Price Performance
In the last 24 hours, Bitcoin’s price has increased by 4.64%, with an intraday growth of 2.84%. Over the past two daily candles, BTC has jumped 4.70%, surpassing the $61,000 resistance level. Currently trading at $61,184, Bitcoin is projecting a bullish recovery.
On a broader scale, the BTC price action reveals a bullish cycle, gaining momentum within a falling channel. Considering the prevailing uptrend, this falling channel also forms a bullish flag pattern.
Bitcoin has formed a rounding bottom reversal in the short term, with the neckline at $61,625. A breakout above this level could extend the BTC price rally further.
The MACD indicator shows a bullish crossover between the MACD and signal line, with positive histograms resurfacing. The daily RSI line has also shown an uptick, surpassing the 50% mark. These momentum indicators are positive, reinforcing the bullish sentiment.
Weak Bullish Hands Get Shaken Out
With $43M worth of short positions liquidating in 12 hours, the crypto market witnessed a boost in its recovery run.
Moreover, Bitcoin’s dominance increased by 0.50% to 56.07%, and the BTC price jump improved the market sentiment. The crypto Fear and Greed Index shows that the mood has uplifted, as the index is up by 7.14%.
Will BTC Price Drop To $50K?
The next resistance level for the BTC price is the 50% Fibonacci retracement level at $64,766. As the bull cycle in Bitcoin, starting from the $55,852 support level, has picked up pace; the rally will likely challenge the overhead resistance trendline.
A bullish breakout above this trendline could be a significant buy signal for traders, marking the flag pattern breakout. With this, Bitcoin could surpass $73,679, setting a new all-time high and potentially targeting $84,696, the 1.618% Fibonacci level.
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