• Bitcoin price has confirmed its price reversal after June’s month-long downtrend
• Technical analysis suggests Bitcoin could reclaim the $70,000 mark by the end of August if the current uptrend continues
• In a bullish scenario, Bitcoin could rally to $85,000 by the end of September, with a potential final target around $100,000
The recent price action has confirmed Bitcoin’s return to a bull market. After over a month of declines, Bitcoin has decisively broken out above key support levels and moving averages.
Bitcoin Price Back Above Crucial Levels
In late June, Bitcoin fell below its crucial 200-day moving average, which is an important long-term trendline for bull markets. However, in the past week Bitcoin has rallied 11% and reclaimed this level.
According to pseudonymous analyst Moustache, Bitcoin is now trading above “one of the most important bull market lines.” He notes that in previous cycles, Bitcoin never closed below this line until the very end of the bull run. This suggests there is more room for upside.
Other analysts note that selling pressure from long-term Bitcoin holders has ceased after 7 months of declines. This is another positive sign that the market has bottomed.
Targets for the Next Leg Up
With Bitcoin back in bullish territory, analysts have set their sights on further upside targets.
Popular analyst Captain Faibik notes that the first crucial resistance level is at $60,000. Breaking above this could open the doors for a move to $70,000.
Meanwhile, analyst Crypto Wealth is looking for an even larger rally to $85,000 by September, which would set the stage for a push above $100,000 later this year.
While nothing is guaranteed, the recent bullish price action and analysis suggests Bitcoin could very well reclaim $70,000 and make new highs in the coming months if the uptrend continues.
