Bitcoin is in the spotlight following its recent notable surge to a new all-time high. Since hitting a new height, BTC has continued to display strong resilience for more upside movement, prompting investors’ confidence about the crypto asset’s potential to reach higher peaks in the upcoming days.
Bitcoin’s Next Big Milestone Could Be $400,000
Lately, Bitcoin has seen a wave of bold predictions as evidenced by market expert and investor, Trader Tardigrade’s forecast, who envisions a potential price target of $400,000 for BTC, using historical price trends and past cycle patterns as the foundation of his prognosis.
As positive market conditions build up along with growing institutional interest, the expert’s analysis suggests that the audacious price target could be achievable in the short term. This prediction highlights the increasing hope among market players who believe that Bitcoin is primed for a big upswing.
After investigating BTC’s recent price action, the expert has pointed out the possibility of a huge rally in the near future as he identifies a similar trend with past cycles, particularly the 2017-2020. “Bitcoin is replaying the epic 2017-2020 Cup with Handle for another breakout,” he stated.
The last time this pattern developed between 2017 and 2021 bull rally, Bitcoin witnessed a massive spike from the $10,000 level to $60,000. In the event that BTC manages to mirror this move,Trader Tardigrade believes that the development could send the crypto asset to a whopping $400,000 from its current price level.
Trader Tardigrade believes that if this pattern holds true, this significant rally might occur in the upcoming months, within the 2024 and 2025 bull run, as BTC continues to gain traction.
The expert’s anticipated bull run for BTC is also supported by a recent breakout from a Rising Wedge formation, which signals a potential for notable price spikes in the near term. According to Trader Tardigrade, this breakout from the pattern marks a crucial moment for BTC prior to the impending massive rally. As a result, he has warned investors to gear up for volatility as they wait for the next new all-time high of BTC.
It is worth noting that a rising wedge formation is typically a bearish chart pattern. While a break below could trigger a bearish run for Bitcoin, a break above the pattern might bolster the ongoing upward momentum.
Strong Support At The $74,500 Level
BTC is at a historical moment due to its new all-time high achievement on Tuesday, sparking confidence toward its future capabilities. Currently, the digital asset is trading at $74,870, forming strong support at around $74,500, as evidenced by a rebound at the level twice today.
While Bitcoin continues to hold above its previous peak, investors and traders might be gradually leaving the market. In the past day, its trading volume has dropped by nearly 6%, reflecting a possible shift in sentiment and profit-taking after hitting a record high.
Featured image from Unsplash, chart from Tradingview.com