Bitcoin continues to maintain its momentum on an upward trajectory, hitting the $68,000 price mark earlier today, leading to speculation about how long it will take to reach a new high.
Bitcoin will reach $70,000 shortly
With Bitcoin's price action today, several crypto analysts are bullish on BTC as they believe the crypto asset could hit a new high very soon. The digital asset recently touched the $68,000 threshold for the first time in almost 3 years, putting it just shy of capping a notable rally.
In a post on social media platform X (formerly Twitter), cryptocurrency analyst and enthusiast Crypto Jelle has Express his bullish optimism towards BTC with the community. His predictions examine Bitcoin's current price position and its potential to surpass its all-time high.
According to the crypto expert, the BTC price is only “inches away” from hitting all-time highs. He pointed out that the coin attempted to break through its current high, but was unsuccessful.
Additionally, he noted that the crypto asset is currently “retesting the 4:25 hour exponential moving average (EMA) and the relative strength index (RSI) of 50.” Nevertheless, Crypto Jelle believes that “both trends are good entries that could trigger a rebound” to a new level.
As a result, the analyst predicted that the asset would reach “$70,000 in a short time. » Furthermore, he urged the community to be patient as that is “the aim of the game”.
The message read:
Bitcoin is inches away from a new all-time high. Rejected on first attempt, but now retesting the 4-Hour 25E MA and RSI level 50. Both tend to be good entries to bounce back from. $70,000 is a question of time and patience remains the name of the game.
As Bitcoin continues to rally, the token's Fear and Greed Index also appears to have skyrocketed. Jelle also pointed out in another job that “BTC’s Fear and Greed Index is currently reaching extreme levels.”
However, this does not mean that we will see a withdrawal, according to the expert. He then clarified that when Bitcoin surpassed $20,000, the fear and greed index was higher than it is now, while urging investors not to let themselves be “rattled” of the market.
BTC Could Hit $150,000 Before 2024 Close
Head of Research at Fundstrat, Tom Lee, also sharing his optimism towards BTC in an interview with CBNC. Tom Lee's optimistic outlook came in light of the asset nearing its peak.
According to Lee, he believes that Bitcoin is heading straight back toward its “long-term trendline.” For this reason, he set his price target at “$82,000 in the near term.” Lee also predicted a long-term price for BTCsetting its goal at “$150,000 before the end of the year.”
Currently, Bitcoin sits at $66,710, up over 2% over the past day and over 18% over the past week. CoinMarketCap shows that its market capitalization and trading volume increased by 2.70% and 70.61%, respectively, over the past day.
Featured image from iStock, chart from Tradingview.com
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