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Bitcoin traders are targeting $68,000, provided Bitcoin can firmly hang onto $64,000, a level it has struggled to hold above since first reclaiming it 20 days ago.
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Crypto traders are spotting a pattern forming on Bitcoin’s price chart that may possibly lead to its price moving closer toward reclaiming its 2021 all-time highs.
In an Aug. 24 analysis video, pseudonymous crypto trader Mister Crypto pointed to the Bitcoin (BTC) price chart and explained that when Bitcoin breaks above the $64,000 level, it is “very likely” to return toward the $68,000 level, which it hasn’t reached since July 30.
Bitcoin price chart. Source: Mister Crypto
The approach to $68,000 would lead traders to speculate on when it might surpass its 2021 all-time high of $68,991, a key level closely watched in 2024.
At the time of publication, Bitcoin is trading just above the level at $64,245, according to CoinMarketCap data.
However, it only broke above $64,000 on Aug. 23 for the first time in 20 days and it is struggled to hold above before retracing back toward $63,500.
The breakthrough came after comments from United States Federal Reserve Chair Jerome Powell, which further boosted confidence among US investors that interest rate cuts are underway. Although, he didn’t give an exact timeline.
$64,000 was previously seen as a key support of Bitcoin following the months after the approval of the spot Bitcoin exchange-traded funds (ETF) in Jan. 11.
However, a recent downturn on Aug. 5, otherwise known as “Crypto Black Monday,” saw this level switch into resistance for Bitcoin.
Mister Crypto warned investors that Bitcoin’s price is unlikely to make any major moves on the weekend, and its price is likely to consolidate around its current level.
Related: Bitcoin price taps $62K sell wall as analyst sees ’up only’ for crypto
Meanwhile, crypto trader Elja told their 684,400 X followers that “It’s time for bulls to push Bitcoin towards $68K-$70K.”
One of Elja’s reasons for the claim was the Relative Strength Index (RSI), which suggests that Bitcoin’s price is not overbought yet.
When the RSI is above 70, it indicates that the market might be overbought. When it is below 30, it suggests that the market might be oversold.
Bitcoin’s RSI stands at 66.11 according to Bitbo data. During Bitcoin’s all-time high of $73,679 in March this year, the RSI surged to 79.79.
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This article first appeared at Cointelegraph.com News
