This is a level that Bitcoin has struggled to maintain for the past 20 days. On the 25th (local time), cryptocurrency traders noticed a pattern forming on the Bitcoin price chart and
Mr. Crypto, an anonymous cryptocurrency trader, believes this could push the price of Bitcoin closer to its all-time high in 2021.
In a video analysis, the company showed a Bitcoin price chart and said, "If Bitcoin breaks through $64,000 (approximately 9.2 million yen), it will reach the 60,000 mark, which it has not reached since July 30th.
"It's very likely we'll see a record high of $8,000," he explained. As Bitcoin approaches $68,000, traders are looking at a 2021 all-time high.
The aim of the study is to predict when the price will surpass the $68,991 mark, a key level to watch in 2024.
Currently, Bitcoin is trading at $64,181 (approximately 9.23 million yen) on the cryptocurrency market price website CoinMarketCap.
However, on the 23rd of last month, Bitcoin rose to $64,000 (approximately 9.2 million yen) for the first time in 20 days after Federal Reserve Chairman Jerome Powell suggested lowering interest rates.
The $64,000 level has been considered an important support level for Bitcoin since the approval of the Bitcoin spot exchange-traded fund (ETF) on January 11 this year.
However, due to "Crypto Black Monday" that occurred on August 5, this level turned into a resistance line for Bitcoin.
Meanwhile, cryptocurrency trader Elja told his 684,400 followers on X (formerly Twitter) that he was looking to sell Bitcoin for between $68,000 and $70,000.
One of the reasons Elja makes this claim is the Relative Strength Index (RSI), which suggests that Bitcoin's price is not yet overbought.
An RSI above 70 indicates the market may be overbought, while a reading below 30 indicates the market may be oversold.
Bitcoin’s RSI is currently at 66.11, according to data from Bitbo.
When Bitcoin hit an all-time high of $73,679 in May, the RSI surged to 79.
2024/08/26 15:46 KST
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