Bitcoin Price is ready to rally again as it moves into positive territory on crucial timeframes, according to Decentrader, who predicted that the coin would soon break out past old all-time highs.
Bitcoin is on the cusp of breaking above a short-term downtrend, which could support further upside toward $65K. The all-time high of around 66000 USD also remains reachable, but buyers struggled to sustain that level last week.
Markets will likely continue to move sideways for the foreseeable future, but there are still odds in favor of some short-term gains.
However, It might be time to start considering a life-changing event. This year’s two highs — $63,900 and $67,100 are likely not the ends of it.
The next level up from these levels should stimulate some natural price friction; maybe even rise above 100k. The price of Bitcoin has been fluctuating wildly over the past few days, which is not unusual for a consolidation phase.
However, there was an extra twist this time around: after nearly 50% increases in less than one month, we’re back down to closer levels again.
According to Cointelegraph
“On a technical, market cycle, and on-chain basis, we continue to believe that the next major area of difficulty for $BTC will not hit until we approach $85,000 – $90,000”.
Furthermore, BTC’s price stabilizes after a recent pullback, but the weekly RSI readings are approaching overbought levels. A sign that there could be an upcoming turnaround.
Overall, The outlook for Bitcoin is looking relatively positive, with a recent rally helping to push prices up.
Investors may be seeing the beginning of another bull run soon as numerous technical indicators point towards increased volatility and price movement in this digital currency’s direction at just about any time now.