Monday, June 3, 2024 ▪
3
min reading ▪ acc
Bitcoin could be on its way to new all-time highs. According to the predictions of analyst Ali Martinez, the price of BTC should soon test the symbolic level of $79,600 if it manages to maintain the current upward momentum.
A big bullish signal for the cryptocurrency queen
Contrary to bearish forecasts, Bitcoin has been rallying since the beginning of the year, which surprised many analysts who were expecting a long-term bearish trend.
Up 15.29% last month, BTC is now up 81.5% since January, largely dominating other traditional asset classes.
According to Martinez’s analysis this Sunday, June 2, while Bitcoin is hovering around $66,800, if the cryptocurrency manages to stay firmly beyond that level, a dazzling new rally to conquer the much-coveted $79,600 target could begin.
This $79,600 mark would represent a new all-time high for Bitcoin, surpassing its previous high of $73,700 reached in March 2024. Such a bullish scenario would illustrate continued market strength despite global monetary tightening.
At the time of writing, Bitcoin is trading around $69,100, showing a significant increase of 2% in the last 24 hours.
Technical analysis supporting Bitcoin’s uptrend
When it comes to technical indicators, Bitcoin is clearly showing a bullish bias. It is trading above its 200-day moving averages, which is a sign of positive medium-term momentum.
Sustained trading volumes also show renewed investor appetite for the major cryptocurrency.
In summary, Ali Martinez’s analysis combined with current market trends highlights the resilience and still enormous potential of Bitcoin. All eyes are now turning to this symbolic threshold of $79,600 or more, which the cryptocurrency queen seems determined to conquer in the coming weeks.
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I am passionate about Bitcoin, I love exploring the twists and turns of blockchain and cryptocurrencies and sharing my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.