Bitcoin has been on an impressive run lately, closing in on its previous all-time high of $69,000. In this article, we’ll examine the factors that could propel Bitcoin to new highs in the near future.
Technical Analysis Points to Breakout Potential
According to crypto trader Cold Blooded Shiller, Bitcoin’s recent price action shows signs of building momentum. Specifically, Bitcoin has formed higher highs and higher lows on the weekly charts, indicating a strong uptrend.
The weekly RSI also looks “phenomenally strong,” signaling the potential end of the recent corrective phase. If Bitcoin can move into overbought territory on the daily RSI, it would mark a significant shift given this hasn’t happened in over seven months.
Surpassing the $70,000 level could also trigger a rapid surge upwards to the $77,000-80,000 range. A weekly close above this threshold would be a very bullish development.
Market Psychology Favors a Breakout
In addition to the technical setup, the market psychology seems conducive to a Bitcoin breakout.
Hype and speculation around the token have died down recently. Previous failed breakout attempts have also left many skeptical. This lack of euphoria, combined with low expectations, could set the stage for an unexpected Bitcoin surge.
Final Thoughts
Technicals and sentiment seem aligned for a potential Bitcoin breakout. The trader has disclosed a long position with an entry at $60,000, betting these conditions will differ from previous resistance tests.
If Bitcoin can decisively move past $70,000, it could very well be off to the races. The rest of the crypto sphere will be closely monitoring BTC price action, as it often sets the tone for the broader altcoin market.
