Analysts believe that Bitcoin ’s recent performance may indicate that its price will start an upward trend and may break through its all-time high.
Bitcoin’s current price is 16% above its recent low of $52,546 on September 6, and analysts believe that this reversal of the upward trend may indicate that Bitcoin’s price will begin to break new highs. In a post published on the X platform on September 17, analyst Jelle pointed out that Bitcoin’s local structure has turned bullish after closing above the September high and making a higher low. Jelle pointed out that Bitcoin set a recent high of $60,670 on September 13, breaking through the price high of $59,830 on September 3. This movement suggests that the market momentum may be enough to break through the $65,000 resistance level and eventually break through the all-time high. Analyst Altstein Trader added that the local bullish shift is promising at present, indicating that Bitcoin’s breakthrough of $65,000 may open the door to new highs in price. Meanwhile, well-known cryptocurrency analyst Trades observed that Bitcoin price is close to the midpoint of the descending parallel channel at $57,902. Data shows that Bitcoin rose about 5% after Wall Street opened on September 18, climbing above the $59,300 to $60,738 resistance range, which is the area where the 50-day, 100-day, and 200-day exponential moving averages are currently located. This surge took BTC to an intraday high of $61,331 before retreating to $60,540 at the time of this article's publication. As mentioned earlier, Bitcoin needs to turn this barrier into support in order to maintain its bullish momentum. Analysts say this is an interesting point because a 5% move above this level could lead to a larger 10% increase. A 15% increase from $57,900 would push BTC prices above $66,000. Data shows that the huge selling volume around the $60,000 mark has become a significant resistance barrier for Bitcoin. Their IOMAP model shows that Bitcoin faces considerable resistance at this level. The $60,000 resistance level is the most important point to watch as it coincides with the $60,465 and $62,278 price range, after about 1.53 million addresses bought about 604,760 BTC. This accumulation creates a huge barrier to Bitcoin's price increase, so the crypto market must overcome this resistance to maintain its upward momentum. A breakout above this level could pave the way for its further gains, while a failure to break through this level could lead to a consolidation phase or a potential correction in the market. The liquidation heat map shows that there are about $40.13 million in selling units around $60,000, which adds to the resistance at this price point. In addition, the futures sentiment index has risen significantly since the beginning of the year. Historically, the growth of this indicator has often preceded the price by a large margin. Bitcoin's price increase in four cycles has a correlation of up to 89%, which seems to be ready for potential growth.
