On Wednesday, Bitcoin (BTC) reached a new record high. Since then, though, its price has remained relatively stable given the recent surge – making some wonder if this is a momentary halt before the next major boost kicks in. So, what could be Bitcoin’s next move?
Bitcoin will rise when it’s ready
One might anticipate that when Bitcoin’s bulls managed to drive the price above its prior record high, it would signal a rapid rise in value. However, just two days later, we are not witnessing such an increase as initially expected.
In simpler terms, expectations represent an individual’s or group’s predictions about a situation, but these assumptions may frequently differ from the reality we encounter in the marketplace.
Breakout and confirmation successful
On the 4-hour Bitcoin chart, the market’s performance has been spot-on so far. After Bitcoin burst free from a large bull flag and an initial spike subsided, it moved within an ascending channel for several days. Escaping the upper boundary of this channel was a positive signal, leading to the previous all-time high of $109,000 being exceeded.
Essentially, after the breakout happened, the price revisited that same level to verify it, indicating further growth. At this point, it’s still uncertain, but the previous record high is now acting as a foundation for future growth. The price could potentially revisit this level again, and may even hover around it temporarily. The market’s ability to maintain its current momentum for upward movement, rather than delaying it, will be crucial in determining the direction of further price movements.
All has played out perfectly so far
Looking at a broader, weekly perspective, Bitcoin appears quite promising as the leading cryptocurrency. Its earlier peak now seems poised to function as potential support, albeit requiring a closing price above that level by the end of the week on Sunday, to be officially recognized as such.
As a crypto investor, I’ve observed that the upward trajectory from the peak points of the 2021 bull market has served as a significant benchmark during this run. Interestingly, the M-shaped candle pattern that emerged above this trendline unfolded flawlessly by dipping precisely to the predicted level below the trendline. Subsequently, a W-shaped pattern occurred, propelling the price skyward and breaking through the roof of the bull flag.
At the base of the graph, the Stochastic RSI suggests that the indicator lines are nearing their peak, but it’s possible there’s still significant upward price movement to come. Moreover, the two-week Stochastic RSI indicates a robust surge in upward price momentum.
At the very base of the graph, the MACD line is now moving back above the signal line, and the green bars representing the histogram are becoming larger.
The current outlook seems extremely optimistic about Bitcoin. This optimism hints at a possible additional growth spurt for Bitcoin, extending possibly until the end of 2025 and even into early 2026. Predicting how high it might soar is challenging, but the Fibonacci extension levels suggest a potential target of around $131,000.
Read More
- Delta Force: K437 Guide (Best Build & How to Unlock)
- Top 8 UFC 5 Perks Every Fighter Should Use
- USD ILS PREDICTION
- Tainted Grail: The Fall of Avalon – Everything You Need to Know
- Slormancer Huntress: God-Tier Builds REVEALED!
- AI16Z PREDICTION. AI16Z cryptocurrency
- Invincible’s Strongest Female Characters
- How to Unlock the Mines in Cookie Run: Kingdom
- Nine Sols: 6 Best Jin Farming Methods
- REPO’s Cart Cannon: Prepare for Mayhem!
2025-05-23 12:26