In a recent analysis, crypto analyst Tara has pointed out a bullish pattern that has emerged on the Bitcoin chart, indicating a potential rise in the flagship cryptocurrency’s price. According to Tara, Bitcoin is on the verge of making a major move that could push its price to $75,800, marking a new all-time high. This prediction comes as Bitcoin breaks out of resistance on the Relative Strength Index (RSI) and completes a retest of the breakout level at $67,800.
The completion of the ABCDE pattern on both the price and RSI, as highlighted by Tara, suggests that Bitcoin may be gearing up to enter the parabolic phase of the market cycle. This sentiment is echoed by other analysts in the crypto space, with Rekt Capital and Michael van de Poppe pointing out that Bitcoin is one breakout away from reaching this critical phase. The $70,000 level has been identified as a key resistance to overcome for Bitcoin to make further upside moves.
Should Bitcoin reach the $75,800 price target as predicted by Tara, it could signify the cryptocurrency entering the “escape velocity phase,” setting it up for potential further gains. Analyst James Check has also suggested that Bitcoin could see a significant shift at $73,000, with the possibility of reaching as high as $100,000 during the current uptrend. Crypto Jebb has expressed a similar sentiment, stating that a move past the ATH of $73,800 could propel Bitcoin to $100,000, emphasizing an inverse heads and shoulders pattern that could push the price to $75,000.
Other analysts, such as Mikybull Crypto and Ali Martinez, have offered their own bullish narratives for Bitcoin’s price trajectory. Mikybull Crypto has pointed out a megaphone pattern with a price target of $85,000, suggesting an imminent breakout. Similarly, Ali Martinez has outlined a potential rise to $79,600 in the near future. These varying predictions and patterns indicate a sense of optimism and bullish sentiment surrounding Bitcoin’s price movement in the coming days.
The analysis of multiple crypto analysts points towards a positive outlook for Bitcoin’s price, with the potential for significant gains in the near future. While market volatility and external factors may impact the actual realization of these price targets, the overall sentiment remains optimistic within the crypto community.
