Bitcoin shows strong support from buyers, with higher lows indicating continued bullish momentum and potential breakout.
Analyst predicts Bitcoin could hit $116,650, driven by price patterns aligning with historical trends.
Hidden bullish divergence in the RSI suggests Bitcoin is poised for an upward move, with $63,000 resistance as a key hurdle.
Bitcoin is poised to reclaim its previous all-time highs and potentially reach new heights, according to crypto analyst JavonTM1. He highlights that Bitcoin's current price movement similars historical trends, suggesting a strong possibility for a major price surge.Â
After facing multiple rejections, Bitcoin's consistent formation of higher lows sets Bitcoin for a potential breakout. This uptrend aligns with historical price movements, indicating a continued bullish momentum that could push the price to new levels. JavonTM1's next target for Bitcoin stands at $116,650, hinting at a major price shift.
https://twitter.com/JavonTM1/status/1844741428028625321
Support Levels and Market Momentum
Recent price activity shows Bitcoin resting at higher lows, demonstrating strong support from buyers. Multiple higher lows show solid price retracement points, suggesting that bullish momentum remains intact.Â
The upward trend line from early 2023 has acted as a consistent support, further reinforcing the possibility of a sustained rally. If Bitcoin continues on its current path, it is set to challenge the $31,500-$32,000 resistance range, which has previously been a critical level for the market.
RSI and Hidden Bullish Divergence
The RSI has formed lower lows, while the price continues to establish higher lows, a notable pattern indicating a potential price surge. Historically, such divergences have signaled continued upward momentum, even when traditional momentum indicators suggest weakening. If the RSI's trend holds, Bitcoin could experience a significant move upwards, targeting higher price ranges in the months to come.
Technical Indicators and Key Levels
On the 4-hour BTC chart, the price remains above both the 50 and 200-period Exponential Moving Averages (EMA), signaling a bullish continuation. The recent golden cross, where the 50-period EMA crossed above the 200-period EMA, further supports this positive outlook.
Source: BingX
At press time, Bitcoin was trading at $62,627.55, and a breakout above $63,000 could open the door for Bitcoin to test resistance near $65,000-$66,000. Key support remains around $60,000, with the 200-period EMA acting as a crucial support level if the price retraces.
