Bitcoin’s price trajectory has shown a swift recovery from a four-day downturn, touching $63,500 before climbing to approximately $67,000. This movement sets the stage for a potential challenge of the all-time high of $73,800, possibly over this weekend or the following week.
After 135 days of largely sideways or downward movement since reaching a peak in mid-March, Bitcoin has witnessed four unsuccessful attempts to break this high. However, the latest rally began from a significant low of $53,500, peaked at $68,500, then dipped to $63,500, and is now showing vital recovery signs.
Why This Rally Could Succeed
The current momentum could be critical to overcoming past barriers. The weekly stochastic RSI, a critical momentum indicator, has shifted from its lowest point and crossed above the 20 level, suggesting upcoming solid momentum. This is bolstered by the two-week stochastic RSI, which has also bottomed out.
In contrast to previous rallies where a stochastic RSI cross led to a fake-out, the current indicators suggest a more robust momentum this time around. Additionally, the weekly Relative Strength Index (RSI) indicates that breaking the current downward trend is necessary to establish a new upward trajectory, which could occur as soon as next week.
With the weekly close approaching, Bitcoin could surpass the upper bull flag trend line, potentially triggering a sharp increase in price. Such a breakout could propel Bitcoin past its all-time high and into new price discovery territory.
Looking forward, the next phases of Bitcoin’s bull run could target $100,000 and then $150,000 as the next significant milestones. Are you prepared for this exhilarating journey?
