Top Bitcoin Analyst Outlines Clear Path for BTC to Reach New All-Time High: Only Two Resistances Remain
According to a prominent Bitcoin analyst known as World Of Charts (@WorldOfCharts1), the world’s largest cryptocurrency is poised for a significant rally, potentially reaching new all-time highs. In a recent tweet, the analyst shared a technical analysis chart that highlights the remaining obstacles Bitcoin (BTC) needs to overcome before reaching unprecedented price levels.
Breaking the Falling Wedge Pattern
World Of Charts revealed that Bitcoin has recently broken out of a falling wedge pattern, a bullish technical formation that often signals a trend reversal. The analyst suggests that if Bitcoin successfully retests the broken wedge resistance, it could pave the way for a move towards the $67,000 to $68,000 range.
Crucial Resistance at Descending Trendline
However, the journey to new all-time highs is not without its challenges. According to the analyst, once Bitcoin reaches the $67,000 to $68,000 area, it will face another crucial resistance level in the form of a descending trendline. This trendline has acted as a significant barrier, preventing Bitcoin from breaking out to higher price levels in the past.
If Bitcoin manages to clear the descending trendline successfully, World Of Charts believes that the path to a new all-time high would be wide open. The analyst’s analysis suggests that overcoming these two remaining resistance levels could potentially unleash a bullish momentum that propels Bitcoin to unprecedented price heights.
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