Bitcoin Faces Challenges in Breaking Key Resistance Levels
Bitcoin price is significantly higher than in November 2022, but the same can’t be said for many altcoins. Investors who bought near the peaks this year are facing losses exceeding 50%, turning the process into a nightmare for them. Bitcoin attempted to break the $70,000 resistance six times but fell back to $60,000. When will this nightmare end?
When Will Bitcoin Rise?
BTC needs to break its all-time high and move upward for altcoins to rise. Historical data suggests this is possible after reaching six-figure levels. BTC is experiencing a phase similar to when it hovered around the previous bull cycle’s $20,000 peak.
On April 20, the fourth Bitcoin halving occurred, and since then, BTC has fluctuated between $58,000 and $72,000. According to popular crypto analyst Rekt Capital, August offers no hope. The analyst, known for predicting major breaks, wrote that a break could occur in September.
Halving should lead BTC out of the accumulation range within 100 days, but this hasn’t happened. According to him, BTC is trading within a descending parallel channel, and if it can permanently reclaim $65,000, the upward momentum may continue.
Another popular analyst named Jelle believes that BTC price could reach $100,000 “in the coming months” based on the technical model he examined.