The post Bitcoin Price Analysis: Expert Predicts $83K ATH in Upcoming Rally appeared first on Coinpedia Fintech News
Despite multiple crashes in recent months, expectations for Bitcoin’s price remain high. Crypto analyst Mikybull Crypto predicts that Bitcoin could soon reach a new all-time high of around $83,000. This raises the question: Could this be the beginning of a new bull run?
Bitcoin’s Recovery Gains Momentum
Recent market trends have shown Bitcoin experiencing a notable recovery. Over the past 24 hours, Bitcoin’s price has increased by 3% and has bounced back by 7.5% from a low of $52,859 recorded earlier in September.
This surge has drawn the attention of Mikybull Crypto, who remains bullish. His latest prediction stems from a head-and-shoulders reversal pattern identified on the 2-day BTC/USDT chart, signaling a potential continuation of the rally.
Mikybull’s current analysis builds on his earlier findings, which pointed to a bullish diamond formation on Bitcoin’s 8-hour time frame. This pattern suggested Bitcoin’s price could rise to $83,387, further backing his forecast of an $83,000 target.
Differing Predictions
Mikybull’s bullish prediction contrasts with veteran trader Peter Brandt’s earlier target of $73,300. According to Brandt, for Bitcoin to signal a full market recovery and ignite a long-term bull run, it needs to break its previous all-time high.
His analysis suggests that Bitcoin must surpass key resistance levels to shift market sentiment and confirm a true reversal.
Key Levels to Watch for Bitcoin Price
Look at the bitcoin price analysis BTC recently faced resistance at the $58,041 level. If it successfully breaks this resistance, we could see the price surge towards the next resistance level of $60,000.
On the other hand, if Bitcoin falls below the $54,000 mark, it could test lower levels, potentially reaching $52,000.
Currently, Bitcoin is trading at around $57,341, marking a 4% increase in the past 24 hours. The trading volume has also surged by 43.8%, bringing Bitcoin’s market cap to $1.13 trillion.
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What do you think? Will Bitcoin reach a new all-time high soon?