The recent Bitcoin downtrend has officially ended, signaling a potential shift in market momentum. This article explores key price targets, support levels, and resistance points that could shape Bitcoin’s next moves.
Current Bitcoin Market Situation
Analyst Capo noted on his Telegram channel signs of bullish momentum in the Bitcoin market. Over the weekend, Bitcoin experienced minimal movement with slight pullbacks. However, with Bitcoin reclaiming the $60k mark, many altcoins have started to surge.
Analyst Capo's Predictions
The analyst stated that if Bitcoin reclaims $62k, we could see a rise to $69k-$70k. Should Bitcoin successfully surpass the $69k-$70k range, the next target would be $75k-$80k. Despite some short-term pullbacks, which should be viewed as either buying opportunities or minor dips to ignore, the outlook remains positive.
Technical Analysis and Price Support
According to analysis by More Crypto, Bitcoin is gradually moving higher, breaking out of a triangle pattern. However, this breakout isn’t fully convincing yet, so there’s a chance Bitcoin could test support again before resuming its upward trend. Currently, the price is in what appears to be the third wave of an upward diagonal pattern. As long as Bitcoin holds above the key support level of $62,520, higher prices are still possible. If the bulls manage to push the price above $64,600, we could see a breakout leading to the next leg up. However, if Bitcoin drops below the support level, we may see a pullback before another rally attempt.
Current forecasts indicate a possible continuation of Bitcoin’s upward trend, provided key support levels are maintained. Altcoins are also showing growth, supporting the overall positive outlook for the cryptocurrency market.
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