BTC was trading in a symmetrical triangle pattern that could trigger a major breakout to the upside.
Market sentiment also suggests room for Bitcoin to climb even higher, potentially reaching $71,000.Â
Over the past month, Bitcoin [BTC] has gained 7.87%, showing steady growth. On a weekly basis, it has risen by 8.97%, while daily gains stand at 0.18%. These numbers indicate a gradual yet consistent uptrend, reinforcing the current bullish outlook.
AMBCrypto has analyzed the potential for this rally and the factors that will influence BTC’s price movement.
BTC is bullish, but must overcome resistance
Bitcoin was trading within a one-hour symmetrical triangle at press time, oscillating between converging support and resistance lines. This pattern is indicative of a bullish accumulation phase, which suggests a potential upward momentum.
For this rally to materialize, BTC must break through the resistance level at $68,420. This level becoming a new support is important for sustaining further upward movement.
If BTC successfully breaches this resistance, the next major target will be $69,000, where the channel peak lies.
Source: Trading View
Conversely, if this breakthrough does not occur, BTC may continue to exhibit bullish tendencies but remain in an accumulation phase until stronger buying momentum emerges.
BTC accumulation phase is confirmed
Market interest in Bitcoin has surged, as evidenced by the Accumulation/Distribution (A/D) indicator and the Relative Strength Index (RSI).
The A/D indicator, which monitors liquidity flow, shows that investors are currently accumulating BTC with the expectation of a significant upward move. This indicates a strong buying interest among market participants.
Similarly, the RSI has also shown an upward trend, gaining momentum above the neutral zone with a current reading of 57.27. This suggests that BTC is likely to continue trending higher, potentially providing greater returns for long-term traders and holders.
Source: Trading View
This upward momentum is expected to persist toward a short-term target of $69,000, at which point a reevaluation of future targets will be conducted based on market momentum.
Long-term bullish outlook
On the daily timeframe, BTC remains bullish as it approaches the peak of the symmetrical pattern it has been trading within.
Read Bitcoin (BTC) Price Prediction 2024-25
The first target for BTC from its current level is expected to be $70,079.99, where the peak of the channel is located. The second target is set at $71,979.00, where a notable liquidity cluster is found.
Source: Trading View
If the current metrics continue to favor the bulls, it’s only a matter of time before BTC reaches these new targets.
