With a recovery in the daily chart, Bitcoin price action shows a positive cycle within a larger channel pattern.
This pattern is creating a bullish flag, predicting a strong rally in early 2024.
Will this rally continue as altcoins surge? More importantly, is it safe to invest in Bitcoin now?
Bitcoin Price Performance
The bulls have posted an 18% gain in the past 20 days, challenging a key resistance level. The bulls have broken above the 50% Fibonacci level at $63,847, with the current price at $64,338.
Recovering from a 1.73% drop last night, Bitcoin price today increased by 1.89% from its opening price of $63,121.
This rally has broken above the 50-day and 200-day EMAs, avoiding a death cross event.
With this, the 50-day and 200-day EMAs are back in a positive trend and are likely to provide dynamic support.
The bullish cycle within the channel marked a double bottom reversal with a V-shaped recovery, breaking above the neckline, matching the 50% Fibonacci level.
As a result, Bitcoin price has broken through a key high-supply resistance zone, increasing the likelihood of a continuation of the uptrend. This bullish breakout sets the stage for an extremely bullish second quarter of 2024.
Will BTC Price Surpass $74,000?
Based on the Q4 results of Bitcoin halving years, 2016 and 2020 saw a strong rally to end the year.
Therefore, with this bullish flag breakout, we can expect the 2024 halving year to end with a bang.
Using Fibonacci levels, the short-term target for Bitcoin's rally is at $73,794 or the 1.618 Fibonacci level at $85,832. Conversely, key support levels are at $62,000 and $60,000.
#tintucbitcoin #Write2Win #BinanceTurns7 #TopCoinsJune2024 #Bitcoinâ
