- Bitcoin nears $75,970 resistance, with potential to hit $130k-$150k by late 2024 if bullish momentum sustains past key technical levels.
- The 2024 Bitcoin halving is expected to drive scarcity, historically linked to price rallies, and may trigger a new bull run.
- Strong $35k support offers Bitcoin a fallback during corrections, while key technical indicators suggest upward momentum remains robust.
Bitcoin’s price has entered a critical stage in its bull market cycle, reaching significant resistance at around $75,970. This resistance level, observed historically as a challenging hurdle, now draws close attention from analysts and traders.
Currently, Bitcoin’s price stands at approximately $75,856, making a breakout crucial for further gains. With bullish momentum maintaining an upward trajectory, experts suggest that surpassing this resistance could pave the way for new highs, possibly between $130,000 and $150,000 by the end of 2024.
Halving Events and Supply Scarcity
Traditionally, Bitcoin’s price trends have followed its halving events, which reduce mining rewards and create supply scarcity, often leading to price increases. The next halving, set for 2024, is already influencing the market, fueling expectations of a potential rally. This cycle, Bitcoin’s value shows similar upward momentum, signaling possible bullish patterns leading into the halving period.
Additionally, historical analysis indicates that Bitcoin’s bull cycles often feature an interval of about 518 days or roughly 74 bars on price charts. Past cycles have shown this interval tends to precede substantial price surges, adding to the anticipation around the upcoming halving.
Technical Indicators Point to Potential Breakout
Notably, key technical indicators support a possible continuation of Bitcoin’s bullish trend. The Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover, with the MACD line above the signal line. This formation is typically associated with sustained upward momentum.
Meanwhile, the Relative Strength Index (RSI) for Bitcoin hovers around 70.63, indicating short-term overbought conditions. This high RSI level suggests Bitcoin may experience a brief pullback, though many analysts view this as a temporary adjustment in the broader bullish trend.
Moreover, volume is expected to play a significant role in the potential breakout. For Bitcoin to surpass the resistance at $75,970, increased trading volume will be essential. A strong surge in volume could signal sufficient market support to push past this level, potentially igniting a path toward higher prices.
Support Levels Remain Strong Amid Market Uncertainty
Besides, while Bitcoin targets new highs, the cryptocurrency has also established solid support around $35,000. This support level has been instrumental during previous consolidations, providing a foundation for upward movement.
Hence, analysts consider this range a critical fallback point should Bitcoin encounter market volatility or a corrective phase. With this support acting as a safety net, investors find reassurance that Bitcoin’s value has a cushion, even amid fluctuations.
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