After breaking above $66,000, Bitcoin (BTC) has once again started consolidating as the price falls below this mark. However, the story doesn’t end there. Bitcoin could be preparing to retest its all-time high. If everything goes according to plan, expecting a new ATH is not too ambitious.
Bitcoin's Hidden Plan
Over the past 24 hours, Bitcoin has seen strong volatility as prices moved both ways. But this volatility has not caused Bitcoin to break above the psychological barrier at $66,000.
In fact, TinTucBitcoin reported earlier that there was a bearish divergence on the chart, suggesting a price drop. At press time, BTC was trading at $65,692.70.
According to IntoTheBlock data, 46.54 million addresses are in profit, accounting for more than 86% of all BTC addresses.
However, TinTucBitcoin's analysis revealed an interesting development. We found that BTC successfully tested the bull market support a few days ago. After that, BTC displayed a double bottom pattern.
When this occurs, it usually indicates that a bullish trend is likely. If this pattern is successfully tested, Bitcoin could soon retest its all-time high. The good news is that if it breaks above this level, BTC could head towards $80,000 in the coming weeks.
Probability of BTC reaching $80,000
TinTucBitcoin then examined Bitcoin's on-chain data to see if they supported the possibility of a price increase.
BTC Pi Cycle Top analysis shows BTC has jumped past its potential market bottom of $61,000.
If this indicator is to be believed, this jump could lead to BTC reaching a potential market top of $110,000, although that seems a bit ambitious.
The Bitcoin Rainbow Chart is also looking quite bullish. BTC price is in the “BUY” zone, meaning this is a good opportunity for investors to accumulate before the price skyrockets.
Another bullish indicator is the long/short ratio when it increases. This increase shows that there are more long positions than short positions in the market, suggesting bullish sentiment around the asset.
As most indicators look bullish, TinTucBitcoin checked Hyblock Capital data to see if there is any resistance ahead.
We found that a large amount of BTC will be liquidated at $66,000.
Therefore, it will be important for BTC to end its accumulation phase and break above this level. A jump above $66,000 could push the price to new highs.
