Bitcoin After Bitcoin broke its all-time high above $73,000, the market began to eagerly await Bitcoin’s next move. However, some analysts predict that Bitcoin may decline to around $65,000 and that this retreat could be a pre-halving halt.
In the midst of these expectations, crypto- Based on technical indicators, trading expert Trading Shot predicts that Bitcoin could reach a new all-time high by the end of March.
According to the analyst in a TradingView post on March 15, the reason why Bitcoin fell to $65,000 was because BTC broke below the four-hour MA50 and also entered the green Ichimoku Cloud for the first time and touched the bottom of the short-term channel up formation. .
Specifically, the Ichimoku Cloud is a technical indicator used to evaluate potential future price movements and identify critical support and resistance levels.
Despite this decline, the analyst stated that this marks the second highest level of the formation and indicates that the uptrend is potentially continuing. As long as the candles continue to close inside the channel, investors should expect the uptrend to continue, potentially leading to a breakout attempt towards the 3.0 Fibonacci extension at $90,000.
“As long as the 1D MA50 (red trend line) holds, we can look forward to a bullish reversal and higher accumulation towards another ATH near the end of the month or at worst in the first week of April,” he noted.
The trading expert reinforced confidence in the continuation of the rise by highlighting the similarities between the current formation and December 2023, not only in the price action and moving averages (MA), but also in the relative strength index (RSI) series.
Potential Bitcoin Downside
However, he warned that a downside break in the upward channel formation could lead to a potential decline towards $60,000 concurrent with a testing of the four-hour MA200.
It is noteworthy that BTC experienced a sharp correction after reaching $73,700, and some of the market interpreted this as Bitcoin typically tends to experience volatility after reaching previous record highs.
Regarding the next BTC price movement, investors should continue to keep an eye on certain price levels in the coming days. Notably, the $64,750 to $66,700 range currently remains an important support. If there is a break below these levels, investors should pay attention to $60,760 and $62,790.
Bitcoin Price Analysis
At the time of writing, Bitcoin is trading at $67,930. Additionally, it lost approximately 0.35% in value over the last 24 hours. Over the last seven days, Bitcoin has lost approximately 0.47% of its value.
In summary, investors should remain alert for the next Bitcoin trajectory as it remains sensitive to overall market sentiment while monitoring key support and resistance levels.
