Bitcoin (BTC) Price Nears Critical Resistance Level, May Rally to $150K by Late 2024

Bitcoin's price is in a critical phase of its bull market cycle. Analyst Peter Brandt says to watch key levels as the cryptocurrency reaches for its peak

Bitcoin price is currently experiencing a critical phase in its bull market cycle, with several key levels to watch as the cryptocurrency surges toward its peak, which is expected to be between $130,000 and $150,000 by late 2024, according to veteran technical analyst Peter Brandt.

Bitcoin’s price has been moving in cycles that are tied to its halving events, which reduce the mining rewards and often lead to supply scarcity. Current price charts show Bitcoin is nearing a resistance point, with technical indicators that suggest the bullish momentum will continue.

Bitcoin $BTC is now in the sweet spot of the bull market halving cycle that should top in the $130k to $150K range next Aug/Sep. I measure cycles differently than most. For background see link here: https://t.co/XWxS0kT4pO pic.twitter.com/3oDYzIQf69

Resistance Levels: Bitcoin Nears $75,808 Barrier

The immediate challenge for Bitcoin price is a resistance level around $75,808, which has historically capped further price gains. At the moment, the live Bitcoin price is around $75,756, and a sustained move past this resistance could open the path toward new highs.

Resistance levels like this one often require significant volume to overcome. If we do see a strong breakout here, it could signal the continuation of Bitcoin’s bullish trend, especially if other technical indicators remain positive.

Read also: Bitcoin’s $76K Surge Highlights the “Trump Trade” Effect

On the downside, Bitcoin has established strong support around the $35,000 range. This level has been crucial in previous price consolidations and served as a foundation for the current upward movement.

If Bitcoin’s price does correct, we can likely expect to see $35,000 serving as a support level, providing a safety net for investors. This support zone may also help Bitcoin’s price if the broader market pulls back.

Halving and Cyclical Patterns

Bitcoin’s next halving, which is scheduled to take place in 2024, is a significant event that could influence price trends. Over the years, halving events have led to a reduction in supply, limiting the number of new Bitcoins that enter circulation.

In the past, this scarcity has sparked rallies, and the current cycle shows a similar upward momentum leading into the halving period.

Additionally, Brandt’s analysis of Bitcoin’s price chart reveals a pattern of roughly 74 bars (518 days). According to him, past cycles have shown that these intervals often precede bullish breakouts, suggesting the possibility of a price surge in the upcoming months.

Technical Indicators Signal Bullish Momentum

At press time, the Bitcoin price is trading at $75,756.04, indicating a 1.91% increase over the last 24 hours, with trading volume exceeding $64 billion. The 4-hour Relative Strength Index (RSI) is currently at 70.63, suggesting overbought conditions in the short term, which may signal a brief pullback before further gains.

Meanwhile, the Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover, with the MACD line trading above the signal line, pointing to sustained upward momentum.

The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

The above is the detailed content of Bitcoin (BTC) Price Nears Critical Resistance Level, May Rally to $150K by Late 2024. For more information, please follow other related articles on the PHP Chinese website!