Bitcoin price forecast: Prepare for a new peak

I am looking for Bitcoin to achieve a new all time high in the near future. See where it might find sellers.

🔍 Technical perspective for the crypto king:

• As I delve into the weekly Bitcoin chart, it’s clear that the bullish momentum continues to surge. I’m setting my sights on a $79k target, driven by key technical formations and recent price dynamics.

🧲 Double resistance magnet:

• We are on the brink of engaging with a double resistance magnet, which historically attracts price due to its technical significance. This includes:
  • A formidable red resistance line that has been tested twice before: marking the weekly highs of April 12th, ’21 and October 18th, ’21.
  • The upper boundary of the prominent yellow channel.

🚀 Current trends for BTCUSD:

• Regaining Historic Heights: Bitcoin has impressively recaptured its significant historical all-time high of $69,000.
• Telling Tail Signs: The pronounced tails on this week’s candlestick and those from two weeks ago reveal underlying buying pressure, suggesting that lower prices are being actively rejected.

📊 Market behavior in crypto: Still bullish:

• The upward trend is evident through the ascending channel colored in yellow, indicating sustained positive momentum.
• The market is consistently carving out higher lows, signaling enduring strength in the uptrend.
• Our eyes are now on the resistance line that’s being challenged for the third time, potentially setting the stage for a pivotal breakout or a strategic retracement.

📈 Strategic considerations when trading bitcoin:

• Await a definitive push above the current all-time high to consider bullish entry points.
• Stay cautious and observant as the market approaches these significant resistance levels.

⚠️ Caution for bitcoin short sellers here (near the previous all time high):

• Short sellers might want to hold their positions, especially with the anticipation of stop orders being triggered above the all-time high, fueling a further surge in price.

🌐 Message to ForexLive.com community:

• Keep abreast of the evolving market landscape and make informed decisions. Have you not registered for free for receiving updates?
• Remember, trading is inherently risky, and it’s crucial to engage with the market based on thorough analysis and personal risk appetite.
• For continued updates and market insights, check out ForexLive.com.

This article was written by Itai Levitan at www.forexlive.com.