After reaching a record high of $73,400 in March 2024, the price of bitcoin has since retreated, remaining below its all-time high for the past four months. Nevertheless, expectations remain high that the price of bitcoin will eventually rebound and reach a novel record high, with cryptocurrency analyst “Melikatrader94” on TradingView predicting another rally to $77,600.

Bitcoin is turning bullish on the charts

In an analysis shared on TradingView, cryptocurrency analyst Melikeatrader94 revealed her thesis on why Bitcoin price could be headed to a novel all-time high. The primary reason for this prediction is bullish chart patterns.

The cryptocurrency analyst noted that the price of Bitcoin has successfully broken out of the downtrend line. This is significant because such a breakout indicates the return of bullish pressure, causing the price to rise. From here, Bitcoin could push towards its current all-time high price.

What’s more, there are a lot of confirmations on the chart, suggesting that the rally from this descending trendline breakout could be incredibly mighty. The crypto analyst indicates that there will be corrections along the way. But ultimately, the direction of Bitcoin price from this point is up.

BTC Price Goals

With Bitcoin breaking out of the downtrend line, the crypto analyst believes the price will rise to a novel all-time high of $77,604. However, it will not be an entirely sleek ride for Bitcoin as there are major resistance levels ahead.

For starters, the crypto analyst believes that BTC price risks a downside correction once it eventually reaches $70,000. This makes it the first major level to be broken on the way to a novel all-time high before it encounters another resistance.

If Bitcoin breaks through $70,000, it is expected to reclaim its current all-time high above $73,400. However, it faces a major resistance not far away. The analyst’s next resistance level is at $73,612. For this reason, the analyst believes that both $70,000 and $73,612 could serve as possible re-entry points.

According to the crypto analyst’s prediction, Bitcoin’s price could rise by 15% from its current level. Furthermore, BTC reaching a novel all-time high would be positive for the cryptocurrency market, given that the pioneering cryptocurrency is a recognized market driver, with altcoins following suit.

Featured image created with Dall.E, chart from Tradingview.com