Bitcoin Price Chart Indicates Possible Quick Rise to $68K

Traders in the Bitcoin market are eyeing a price target of $68,000, contingent upon the cryptocurrency holding its position above $64,000, a threshold it has found challenging to maintain since reclaiming it approximately 20 days ago.

Market Analysis

Market analysts have identified a developing pattern in Bitcoin’s price chart that could signal a potential approach toward its previous all-time highs from 2021.

In a recent analysis, a well-known trader highlighted that if Bitcoin moves beyond the $64,000 mark, there is a strong likelihood that it will aim for the $68,000 level, which it has not touched since July 30.

A surge towards $68,000 may lead to speculation regarding when Bitcoin will exceed its all-time high of $68,991, a critical benchmark being closely monitored in 2024.

Current Price Status

As of the latest data, Bitcoin is trading slightly above $64,245, according to CoinMarketCap. The cryptocurrency managed to break above $64,000 on August 23 for the first time within 20 days, but has struggled to maintain this momentum, retracting towards $63,500 shortly thereafter.

This breakthrough in price followed remarks from U.S. Federal Reserve Chair Jerome Powell, which had a positive impact on investor confidence surrounding potential interest rate reductions, although no specific timeline was provided.

The $64,000 mark was initially established as a significant support level for Bitcoin following the approval of spot Bitcoin exchange-traded funds (ETFs) in mid-January. However, a sharp decline known as “Crypto Black Monday” on August 5 transformed this level into a resistance zone for the cryptocurrency.

Investor Sentiment

Traders should remain cautious, with one analyst warning that Bitcoin is unlikely to experience substantial price movements over the weekend, instead expecting a stabilization around current values.

Another trader, with a significant following, pointed out that it may be time for bullish momentum to drive Bitcoin towards the $68K to $70K range. One supporting argument for this surge is the current status of the Relative Strength Index (RSI), which indicates that Bitcoin is not yet in an overbought condition.

• RSI above 70: Market may be overbought
• RSI below 30: Market may be oversold

The latest RSI reading for Bitcoin stands at 66.11, as per Bitbo data. During Bitcoin’s all-time peak of $73,679 in March, the RSI reached a notable 79.79.