The bulls are on the rise again, and this time they are aiming for a new all-time high for Bitcoin (BTC), which is close to the $ 67,000 level.
Data from Cointelegraph Markets Pro and TradingView show that Monday’s overnight rally pushed the price to an intraday high of $ 66,557, and the volume continues to rise at the time of writing as bulls try to secure a daily close above $ 66,000.
4-hour BTC / USDT chart. Source: TradingView
Here’s what analysts have to say about Tuesday’s rally and where Bitcoin’s price may be heading in the short term.
There is only one last level of resistance
Independent market analyst Rekt Capital released the following chart, highlighting his view that “there is one last resistance left before BTC enters a similar cycle phase.”
BTC / USD weekly chart. Source: Rekt Capital / Twitter
As you can see in the chart above, the last major level of resistance that stands in the way of BTC is around $ 67,000.
David Lifshitz, Managing Partner and Chief Investment Officer at ExoAlpha, talked about how long this bullish eruption could last, noting that Monday’s price action is a clear sign that “the bulls are in control and are likely to remain so.” By the end of the year “.
However, Lifshitz issued a warning as the Mount Gox epic could confirm its impact on the cryptocurrency market in 2022 and likely stop any bullish momentum.
Lifshits sa:
“With the closure of Mt.Gox approaching sometime in January in the middle of a historically weak quarter (Q1), the Bears may have reciprocated then. At the moment, however, the bulls are taking over, and I see no other reason for them to return than the regular oligarchs, unless there is some radical news about regulation, which is always a wild card hanging over a bull market … ”
The “squeeze” has just begun
Another bullish trend in price action on Monday was introduced by options trader and Crypto Twitter analyst John Wick, who posted the following chart, highlighting an outbreak in the main resistance area as the BTC price moves closer to clear skies above.
BTC / USD 1-day chart. Source: John Wick / Twitter
Wake on:
“Squeeze Breakout has just begun and we are about to reach the ATH level. After ATH there will be no more resistance!”
Related Topics: Tesla and Facebook Bitcoin Flippers – Will Amazon Be Next?
Historical fractals indicate an impending increase in prices
The latest perspective was given by cryptanalyst and Twitter username TechDev, who posted the following chart comparing price action during Bitcoin’s previous bull cycles with the current market.
Bitcoin price dynamics in the bull market 2013, 2017 and 2021. Source: TechDev / Twitter
The current phase of the market compared to previous cycles is marked with a yellow circle and the words “You are here”, indicating the possibility of a parabolic explosion within the next two months for Bitcoin if the current situation plays out the cycle in a similar way . the way to the other two.
The total market value of cryptocurrency is now 2.877 trillion dollars, and the bitcoin dominance is 43.3%.
