Is it time for new ATHs or a correction?

TL; DR

Bitcoin's price has risen from below $54,000 to above $65,000, with analysts expecting a new high if it continues above certain resistance levels. Some warn of a possible short-term correction, citing a specific sell signal on the 4-hour chart.

Where is BTC headed?

The leading cryptocurrency has been on a tear over the past few days, with its price rising from less than $54,000 on July 5 to above $65,000 earlier today (July 16). He finally returned two watches, currently worth around $63,300 (per CoinGecko data).

According to several industry participants, the impressive rally ended the correction seen at the beginning of the month, and some expect new price increases in the coming months.

of Famous X user Michael van de Pop He predicted A new all-time high will be reached in the third quarter of 2024 until BTC remains above it Main Resistance level $ 60,000.

JAVON MARKS and Jelle were also bullies. The former He said he deserved it. The leading digital asset “has met a normal bullish divergence pattern” and appears to be showing a reversal to the upside. “This could be just the beginning of Bitcoin,” the analyst added.

A typical bullish divergence pattern occurs when the price makes a lower low. A Technical indicators such as Relative Strength Index (RSI). Forms High low. As the coalition suggests of Downward momentum is weakening, and an upward move is likely.

Jell thought he could BTC. Creating The design of “Three White Soldiers” – indicates a bright candlestick pattern A strong one Reversal time.

However, some analysts have suggested that BTC is not It is a must. out of Forest, forest Christmas. X user Ali Martinez He argued A TD sequence presents a sell signal on the asset's 4-hour chart, meaning a short correction could be in the cards.

The aforementioned analysis tool developed by Tom Demark is used to identify turning points by indicating periods of trend weakness. It consists of nine consecutive candles, each of which should be closed above it close Four candles earlier. Ali revealed that this was not the case on the last candle, which showed BTC falling from $65,000 to $64,000.

The last bulls

Other prominent figures, including popular X user Crypto Rover and former White House official Anthony Scaramucci, have predicted that BTC could reach the $100,000 level in the coming months.

The former He thinks Among the price boosters will be the eventual launch of a spot ETH ETF in the United States. The US SEC approved eight products earlier this year, and they It is expected To start trading later this month.

According to Scaramucci, FTX could potentially pay out billions of dollars to injured investors among the bullies. He He believes. About half of those who returned would jump on the crypto bandwagon again due to their loyalty to the industry.