Bitcoin (BTC) surpassed its all-time high on Wednesday. However, since then the price has been fairly steady considering the breakout. Is this the pause before the rocket propellant is ignited? What could Bitcoin do next?
Bitcoin will rise when it’s ready
Many might have expected that once the Bitcoin bulls successfully pushed the price up and beyond the previous all-time high we would be off to the races. It is only two days later, but as it stands, this has not happened.
Expectations are only the perceptions of what an individual or a group might have, and in regards to the market, they can often be the very opposite of what actually happens.
Breakout and confirmation successful
Source: TradingView
The short-term 4-hour chart for $BTC shows that market behaviour is absolutely perfect so far. Once $BTC broke out of the big bull flag and the initial surge tailed off, the price crabbed along inside a rising channel for a few days. Breaking out of the top of this was a bullish move, and this led to the $109,000 all-time high being surpassed.
What is important, is that once the breakout had occurred, the price returned to that level to confirm it before going higher again. Although it might still be quite tentative at this stage, the previous all-time high has now become the support platform for the next leg higher. The price could come back to this level, and even bounce along it for a time. Much will depend on whether the market has the momentum to go higher now rather than later.
All has played out perfectly so far
Source: TradingView
Zooming out into the weekly time frame all is looking very rosy for the king of the cryptocurrencies. The previous high is now a tentative support, although the price will have to close above this level at the end of the week this Sunday in order for it to become confirmed support.
The ascending trendline that stretches from both tops of the 2021 bull market has been respected during this bull market. It can be noted that the M candle pattern that formed above the ascending trendline played out perfectly by going to the exact measured move below the trendline. The W pattern that followed sent the price surging up and through the top of the bull flag.
At the bottom of the chart, the Stochastic RSI is signalling that the indicator lines are getting to the top, although there could be a lot more upside price momentum left yet. The 2-week Stochastic RSI is indicating even stronger upside price momentum.
Right at the bottom of the chart, the MACD indicator line has crossed back above the signal line, while the green histogram bars have started to grow in size.
Things could not be more bullish. Therefore it would appear that the probabilities are pointing to at least one more surge from Bitcoin that could take it into the end of 2025, and even into the first half of 2026. How far up it can go is anybody’s guess, but the Fibonacci extension levels, taken from the all-time high down to the lowest point of the bull flag, suggest that $131,000 could be a target.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
