Despite Bitcoin (BTC) failing to break the $65,000 mark, a trading expert has suggested that investors should expect a possible record high after the end of August.
IN TradeView post from August 26, Trade Shot stressed that, based on historical price fluctuations, the end of August could be a decisive moment in Bitcoin reaching the coveted $100,000 mark.
The expert noted that the flagship cryptocurrency has shown remarkable resilience, holding a critical support zone above the $50,000 mark for the past six months. This support level is significant as it coincides with a symmetrical reversal zone, a critical area that was vital during the previous market cycle in late 2021.
At that time, it acted as a resistance barrier. However, after the breakout in March 2024, this zone became a solid support base, strengthening the upward momentum of Bitcoin.
According to the analysis, Bitcoin’s interaction with this reversal zone reflects a strong upward trajectory. The one-month candle shows an aggressive rebound from the 50-week moving average (1W MA50). This rebound has strengthened the bullish sentiment, suggesting that Bitcoin is poised for a significant rally.
Another bullish indicator is the ascending channel pattern that has been observed for the last two years. This pattern consists of rising waves, each of which contributes to Bitcoin’s uptrend. Thus, as we approach the end of August, the pattern suggests that Bitcoin is well positioned to continue its gains, potentially reaching the long-awaited $100,000 level.
“The bullish waves on the two-year ascending channel indicate that after the close of this month, the $100,000 mark will be quite achievable,” the expert noted.
Bitcoin’s Path to $100,000
It is worth noting that ever since Bitcoin hit its all-time high of over $73,000 earlier this year, market participants have been arguing that the next possible target is $100,000. Aside from fundamentals such as economic indicators, most analysts agree that Bitcoin’s run to $100,000 will likely coincide with a post-halving rally.
In the short term, the recapture of the $65,000 resistance remains the most important target for Bitcoin, as it will be anchored on its way to a new all-time high. In this regard, cryptocurrency trading expert Ali Martinez noted that if Bitcoin closes above the critical resistance level of $65,440, it could signal a bullish trend that could push the cryptocurrency to a new local high near $86,910.
This forecast is based on the Cumulative Days Destroyed (CVDD) and other technical indicators, which suggests that Bitcoin is currently in “Accumulation Phase 2.” This phase is typically characterized by a gradual increase in price as market participants continue to accumulate funds, which often precedes a more significant upward move.
The analysis also found that current market conditions are consistent with historical patterns seen during previous bull runs, adding weight to Bitcoin’s potential to reach new highs in the coming months. However, Bitcoin must first break the $65,440 resistance level, a key point that could determine the market’s short-term direction.
Bitcoin Price Analysis
At the time of publication, Bitcoin was trading at $61,754, representing a daily loss of more than 2%. On the other hand, after reaching a weekly high of around $64,700, Bitcoin has gained more than 3% over the same period.
Overall, investors should closely monitor Bitcoin’s ability to hold onto the $60,000 level, which could be critical to breaking through the $65,000 resistance.
Disclaimer: The content of this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
