The cryptocurrency trader known as the “Titan of Crypto” recently revealed his forecast regarding Bitcoin’s (BTC) next peak in a post shared yesterday. Using a detailed analysis of BTC’s historical price data and charting the trend lines from the previous cycle’s bottom to its subsequent peak, the trader has calculated a potential price target for the forthcoming cycle’s zenith.
According to the trader’s analysis, BTC could potentially reach around $137,000, and this peak is anticipated to occur in August 2024. Presently, the leading cryptocurrency is trading at $27,952.35, reflecting a modest 0.15% increase in its price over the last 24 hours, as reported by CoinMarketCap.
Over the past seven days, BTC’s price has also experienced a notable gain of over 3%. Furthermore, in the past month, the cryptocurrency has seen a positive trend, with a 6.57% increase in its value.
However, BTC’s 24-hour trading volume has declined significantly, falling by more than 48% to $6,951,099,043. Despite the Titan of Crypto’s belief that BTC could reach $137,000, it must first climb by approximately 59% to surpass its all-time high price of $68,789.36, which was achieved in November 2021.
As of the current moment, the leading market player is making an attempt to breach the $27,915 resistance level. If BTC manages to close a daily candle above this price threshold within the next 48 hours, there is potential for it to ascend towards the next significant milestone at $29,210 in the following two weeks.
Conversely, if BTC fails to achieve a daily candle closure above $27,915 in the upcoming days, it could undermine the bullish outlook. In such a more bearish scenario, the cryptocurrency’s price might seek to retest the immediate support level at $26,915 over the course of the subsequent week.
It’s worth noting that BTC is currently trading within a medium-term positive price channel. This suggests the possibility of its price experiencing an upswing in the coming days. The formation of this ascending price channel took place over the past few weeks, marked by BTC recording higher lows and higher highs during this period.
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