Thinking about the latest developments Bitcoin prices are close to their all-time high in 2021 after a four-month climb starting in October 2023. After touching the $63,891 price level, Bitcoin experienced a correction to near $58,995. According to daily chart analysis, from 2020 to now, the price of Bitcoin is still fluctuating within a wide range from $38,840 to $65,115. Based on the drawn trend lines, we can construct a trend channel to understand its price movements.
During the nearly three-month rise, the price level of $48,184 had posed resistance to the consecutive gains. After the correction, Bitcoin prices continued to climb. The current price is close to the previous high level, and according to the increase ratio, it is already within the 1:1 range at the beginning of the market. Amid multiple price resistances and the possibility of sideways corrections, and based on the direction of the trend channel, it is expected that Bitcoin price is expected to touch the $80,000 area at the top of the channel between 2024 and 2025. However, based on the comparison of historical increases, it may first reach around US$73,600.
If Bitcoin is to hit the $80,000 mark, it may now need to undergo a period of sideways trading or a technical correction. Investors can consider buying at low prices when approaching the orange trend line in the figure, and pay attention to entry opportunities within small cycles. At the same time, the number of digital currency liquidations should also be monitored through the Internet, and momentum changes should be used as an indicator of trading timing.
Fundamental impact According to CoinDesk, Bitcoin’s pre-halving bull market goal is to break through the all-time high of $69,000. Halving events are often associated with bull runs, and Bitcoin prices can increase by hundreds of percentage points in the months following the event. The next halving is expected in mid-April and will reduce miners’ block rewards. Market expectations for a reduced supply of new Bitcoin could push prices higher if demand maintains or increases.
Support and resistance Downside Risk: If Bitcoin price falls below recent lows, it could test support at $58,995. Further declines could test the psychological $55,000 mark, below which it could turn bearish.
Upside Potential: Bulls would need a break above the recent high of $63,891 to place fresh bets. After a successful breakout, Bitcoin price may challenge the $73,600 supply zone, and further gains may test the psychologically important $80,000 mark.
While there may be uncertainty in the market in the short term, long-term demand and macroeconomic factors are likely to continue to provide support for Bitcoin prices.
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