Bitcoin Breaks Out Of An Ascending Triangle: Is BTC Headed Towards A New ATH?

Juhi Mirza
bitcoin btc running race rally relay
Source: WatcherGuru

Bitcoin is finally portraying bullish signals after encountering slight resistance in its path towards $70k. According to CoinMarketCap, Bitcoin is up 5%, trading in green at $70,573 at press time. 

Bitcoin’s previous price ascent to $70K was historic; however, the excitement of the token touching a new ATH was short-lived. Soon after hitting the $70K mark, BTC retraced its steps back, hovering between the ranges of $63K and $67K. 

With its current price momentum, analysts on X are busy studying its current price path in detail to predict new price valuations. Notable crypto analyst Ali has come up with a new price threshold for BTC to breach, adding that a new price breakout might be on the cards for Bitcoin.

Also Read: Bitcoin Boom: Standard Chartered Places Bet on $250,000

BTC to Cross $71,800 Soon?

bitcoin btc moon
Source: Watcher Guru

According to the latest prediction forecasted by Ali, Bitcoin is poised to touch $71,800 soon. To back his claims, the analyst shared a Bitcoin candlestick chart on X, dissecting its current wicks and price momentum. 

Per Ali, Bitcoin’s price chart shows its momentum resembling an ascending triangle. In trading analogy, ascending triangles are bullish and are usually formed when an asset assumes an upward ascension.  With Bitcoin breaking out of an ascending triangle, this generally refers to the BTC crossing a critical resistance juncture in its path. 

If BTC successfully manages to break past resistance, the token could soon climb to a new price threshold, possibly stabilizing at $71,800 or higher. 

Several notable analysts are also hoping BTC to hit the ambitious $100K mark. The author of the Rich Dad, Poor Dad series, Robert Kiyosaki, has predicted that Bitcoin will breach the $100K mark by June 2024. 

 Bitcoin Price Analysis: April

Bitcoin’s stellar price spikes have led investors keenly to notice its minute price changes. Per crypto analytics platform Changelly, Bitcoin may soon touch a new ATH in April 2024.

Also Read: Bitcoin (BTC) Will Be Much Different In The Next 10 Years

“The minimum trading cost might be $72,084, while the maximum might reach $94,275.84 during this month. On average, it is expected that the value of Bitcoin might be around $83,179.92.” 

Changelly further adds that the current Bitcoin market sentiment is in green, portraying a bullish streak on all fronts.

“Our technical indicators signal bullish 93% market sentiment on Bitcoin, while the Fear & Greed Index is displaying a score of 75 (greed). Over the last 30 days, Bitcoin has had 19/30 (63%) green days and 8.66% price volatility.”