Bitcoin’s initial break from the 6-figure price point in 2024, followed by a final move to the all-time high of $126,000, fueled higher price expectations. Even now, as the price continues to trend toward $100,000, it has done little to derail the cryptocurrency’s bullish momentum, especially in the long term. As a result, predictions continue that the price of Bitcoin will eventually trade again in the 6 digits and eventually to new all-time highs.
Bitcoin price recovery chart
In a post on the TradingView website, Setupsfx notes something interesting about Bitcoin’s price chart and why it’s bullish for the digital asset. After the price of Bitcoin recovered $70,000 earlier in the week, it has set another recovery trend and the analyst suggests that this means the price could still go up to $200,000.
Related reading
The analysis emphasizes that, unlike before, the break above $72,000 came out with strong volume. It just means that there is currently a high demand for cryptocurrency and that is what is driving the current trend. If this holds, then it is likely that the price will continue to rise, rather than another crash.
Following the current trend, the analysis sets the first major target for Bitcoin at the level of $104,000. This is important because there is a liquidity gap in this area. This means that there could be a major point of resistance to the upside at this level.
However, all hope is not lost at this point because it just shows how important it is to break this resistance. Once this is broken, it will put the cryptocurrency on the way to the next major target, which is $124,000. Reaching $124,000 will be important for Bitcoin price as it is just above its current high.
Related reading
The ultimate target for this analysis is actually at the $134,000 level, which could end the uptrend. As for the rally to $200,000, the analyst explains that it is still possible, despite many saying it is unrealistic. Basically, a target of $200,000 is set for the long-term view of the cryptocurrency.
Featured image from Dall.E, chart from TradingView.com
