Bitcoin Chart Shows It Could Go ‘Extremely’ Fast To $68,000 — Traders
Crypto traders are seeing a pattern forming on the Bitcoin price chart that could be nearing a return to the 2021 all-time high.
In the year In an analysis video released on August 24, anonymous crypto trader Mr. Crypto pointed to the Bitcoin (BTC) price chart and stated that there is a possibility of a return to the $68,000 level when Bitcoin breaks above $64,000, which it has reached since July 30.
Bitcoin price chart. Source: Mr. Crypto
The $68,000 approach will prompt traders to speculate on when it might surpass the 2021 all-time high of $68,991, a key level closely watched in 2024.
According to CoinMarketCap data, at the time of publication, Bitcoin is trading above the level at $64,245.
But on August 23, it broke just above 64,000 for the first time in 20 days and struggled to hold above before returning to $63,500.
The finding came in the wake of erratic comments from US Federal Reserve Chairman Jerome Powell, adding further confidence to US investors that interest rate cuts are on the way. He didn't give an exact timeline though.
$64,000 has previously been seen as key support for Bitcoin in the months since the January 11 approval of the spot Bitcoin exchange-traded funds (ETF).
However, it recently dropped on August 5, otherwise known as “Crypto Black Monday”, which saw this level change for Bitcoin's resistance.
Mr. Crypto warned investors that the price of Bitcoin is unlikely to make any major moves over the weekend, and that the price may consolidate at current levels.
RELATED: Analyst Sees ‘Up' For Crypto Only, Bitcoin Price Sells At $62,000
Meanwhile, crypto trader Elja told his 684,400 X followers, “Now is the time for bulls to push Bitcoin to $68k-$70k.”
One of Elja's reasons for asking is the Relative Strength Index (RSI), which indicates that Bitcoin's price is not yet overbought.
An RSI above 70 indicates that the market may be overbought. When it is below 30, it indicates that the market may be oversold.
According to Bitbo data, the Bitcoin RSI stands at 66.11. Following Bitcoin's all-time high of $73,679 in March this year, the RSI rose to 79.79.
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