With Bitcoin (BTC) seemingly regaining its bullish momentum, analysts indicate that if this trend continues over the coming weeks, the cryptocurrency could soon record another all-time high.
This sentiment is echoed by a crypto analyst using the pseudonym Yoddha, who suggested in a post on X on August 9 that Bitcoin is poised to reach a record high of $81,000.
According to Yoddha, Bitcoin’s price action has been nothing short of a rollercoaster over the past year. After reaching $65,000, the cryptocurrency experienced a sharp decline, dropping to a low of $49,000.
Yoddha described this drop as a “liquidation hunt,” where large sell-offs trigger stop losses, leading to a cascade of selling and a temporary price dip.
Despite this setback, Bitcoin has since rebounded, returning to trade within its monthly range of above $60,000, which the analyst interprets as a sign of underlying bullish momentum.
Bitcoin price analysis chart. Source: TradingView
Bitcoin’s next record high
The analysis further highlights key levels that Bitcoin needs to overcome to continue its upward trend. Bitcoin is just below its yearly high, a crucial resistance level. The expert suggested that if Bitcoin closes August with strength, it could easily surpass $81,000. Beyond this mark, projections indicate that Bitcoin has the potential to reach as high as $244,890, though these are considered longer-term goals.
“It’s back inside its monthly range. A strong August close can take it above $81,000 easily,” the expert noted.
In Yoddha’s view, the path to $81,000 is clear, with several key price levels playing pivotal roles. The current yearly low of $31,400 is a critical support level that Bitcoin must maintain to avoid downward pressure. The $65,000 level, which marked the peak before the liquidation hunt, remains important to reclaim.
If Bitcoin can close above $81,000, it could pave the way for even higher prices with longer-term targets that could extend to $112,727, $157,598, and even $244,890.
The view that Bitcoin is showing promising signs is also shared by trading expert Michaël van de Poppe, who noted in an August 9 X post that the asset “is doing great.”
Following the recent rebound, Poppe pointed out that investors should watch for the $57,500 support zone, which is critical for maintaining bullish momentum.
Bitcoin price analysis chart. Source: TradingView
According to Poppe, if this support level holds, there is strong potential for Bitcoin to rally towards an all-time high in the September to October timeframe.
Bitcoin price analysis
Currently, Bitcoin is attempting to establish its price above the $60,000 support zone, having hit a daily high of $61,500. At the time of writing, the asset was trading at $60,677, having rallied over 1% in the last 24 hours, though it is down almost 2% on the weekly timeframe.
Bitcoin seven-day price chart. Source: Finbold
Overall, based on the experts’ analysis, Bitcoin’s chances of claiming a new record high depend on its ability to maintain its price above the $60,000 support level.
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