fxs_header_sponsor_anchor

Bitcoin Price Prediction: BTC poised for new all-time highs as technicals reveal 17% breakout in sight

  • Bitcoin price is bounded inside an ascending triangle pattern on the 4-hour chart.
  • The digital asset will climb to new all-time highs if it can conquer key resistance level.
  • Most indicators show that bulls have the upper hand.

Bitcoin price had a major recovery move from a local bottom of $43,000 established on February 28. The flagship cryptocurrency is now on its way to new all-time highs as long as it can climb above a key resistance level.

Bitcoin price is on the verge of rising to $60,000

On the 4-hour chart, Bitcoin has established an ascending triangle pattern with a resistance trendline formed at $51,700. A breakout above this point will quickly drive Bitcoin price towards $60,000. 

BTC/USD 4-hour chart

The In/Out of the Money Around Price (IOMAP) chart shows weak resistance above $52,000. The strongest barrier is located between $53,300 and $54,500 with 122,460 BTC in volume. On the other hand, Bitcoin bulls count with a lot of support below $50,000 until $46,500. 

BTC IOMAP chart

Additionally, the MVRV(30d) of Bitcoin remains low, almost into the buy zone, which indicates that a 17% breakout should not be hard for the bulls as the danger zone is above 20%, and the MVRV is currently at 4% only. 

BTC MVRV (30d) chart

However, on the 9-hour chart, the TD Sequential indicator has just presented a sell signal at the top of the ascending triangle pattern, which could lead to a significant rejection.

BTC/USD 9-hour chart

Bitcoin price must stay above $48,800 to avoid a massive 17% breakdown towards $40,000, calculated using the height of the ascending triangle pattern as a reference point. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.