For Bitcoin to reach an all-time high, it must close above $63,000 daily. In his latest analysis shared on September 19, popular trader HornHairs identified key BTC levels for bulls to move to the next support point.
All Eyes on Bitcoin
Bitcoin continues to rally, with this week’s macroeconomic developments providing a positive boost to risk assets. The BTC/USD equivalent has gained around 8% over the week. HornHaris sees $63,000 as a key level for further upside, after $57,000 as support.
“If we can break above $63,000 and stay above that level for a long period of time, we could see a real move towards ATH (all-time high).”
According to HornHarris analysis, MS2 Capital notes that the 200-day simple moving average (SMA) now coincides with the highest volume area around $64,000.
Is the Downtrend Over?
On the other hand, popular trader and analyst Rekt Capital revealed that Bitcoin is moving in a multi-month downward channel. “Bitcoin is breaking the downtrend peak that has been continuing since late July,” Rekt Capital said.
This channel shows that $67,000 has now become a key breakout point. However, the time for this breakout is rapidly decreasing; BTC/USD has remained in what Rekt Capital calls an “accumulation range” since the April block reward halving.
“Bitcoin has historically broken out of this consolidation range 150-160 days after the halving. Currently, about 158 days have passed since the halving.”
Bitcoin, the largest cryptocurrency by market cap, hit $64,000 in the morning. BTC is currently changing hands at $63,550. Bitcoin has gained 2.3% in value over the past 24 hours.
