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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’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.
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.
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.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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