As Bitcoin (BTC) regains its bullish momentum, analysts are suggesting that the cryptocurrency could soon reach new all-time highs if the current trend continues. One such analyst, who goes by the pseudonym Yoddha, recently predicted in an August 9 post on X that Bitcoin is on track to hit a record high of $81,000.
Bitcoin’s Rollercoaster Year
Yoddha highlighted Bitcoin’s volatile price action over the past year, noting that after peaking at $65,000, the cryptocurrency experienced a sharp decline to $49,000. The analyst described this drop as a “liquidation hunt,” where large sell-offs trigger stop losses, leading to a cascade of selling and a temporary dip in price.
Despite this setback, Bitcoin has since rebounded, returning to trade above the $60,000 mark, a level Yoddha sees as indicative of strong underlying bullish momentum.
The Path to a New Record High
To continue its upward trend, Bitcoin must overcome several key resistance levels. Currently, it is just below its yearly high, a critical barrier. Yoddha suggests that if Bitcoin closes August with strength, it could easily surpass $81,000. Beyond this point, the analyst envisions even higher targets, with long-term projections reaching as high as $244,890.
“It’s back inside its monthly range. A strong August close can take it above $81,000 easily,” Yoddha remarked.
The journey to $81,000, according to the analyst, hinges on maintaining support at key levels. The yearly low of $31,400 is crucial for avoiding downward pressure, while reclaiming the $65,000 level—where the previous peak occurred before the liquidation—remains vital.
If Bitcoin manages to close above $81,000, Yoddha believes it could set the stage for further gains, with potential targets at $112,727, $157,598, and even $244,890 in the longer term.
Broader Market Sentiment
Yoddha’s optimism is echoed by trading expert Michaël van de Poppe, who also noted on August 9 that Bitcoin is showing strong performance. Poppe emphasized the importance of the $57,500 support zone for maintaining bullish momentum. He believes that if this support holds, Bitcoin could rally to new all-time highs between September and October.
Current Bitcoin Price Action
At present, Bitcoin is attempting to establish itself above the $60,000 support zone, having recently reached a daily high of $61,500. As of the latest data, Bitcoin was trading at $60,677, up over 1% in the last 24 hours, although it remains down nearly 2% over the past week.
Conclusion
According to expert analysis, Bitcoin’s ability to reach a new record high largely depends on its performance in the coming weeks. Maintaining a price above the $60,000 support level is critical. Should Bitcoin achieve this, the next major milestone of $81,000 could be within reach, potentially leading to even higher valuations in the future.
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