Bitcoin’s monthly chart is showing promising signs as the cryptocurrency continues its impressive journey. As highlighted by SuperBro, an analyst, the current price action suggests a potential consolidation phase within the $90,000 to $110,000 range. This consolidation could set the stage for a major breakout towards higher targets.
On a linear scale, resistance is near $73,000. This level could act as a barrier before Bitcoin can advance further. Beyond this, the logarithmic scale presents a more ambitious target. The resistance in this scale is around $180,000. This level reflects long-term growth trends and could indicate a much higher potential if breached.
The recent price trend indicates a strong uptrend from 2023 into early 2024, followed by a consolidation phase. Observations suggest a possible bullish pennant or flag pattern, signaling that the uptrend might continue after the current consolidation period.
U.S. Government Moves Seized BTC to Coinbase; Market Eyes $72K ResistanceIf Bitcoin manages to break above the $73,000 resistance on the linear scale, the next target could be approximately $105,000. This projection is based on historical breakout patterns and measured moves.
Conversely, if Bitcoin exceeds the logarithmic resistance of $180,000, it might suggest even higher future targets, potentially ranging between $300,000 and $400,000. This range aligns with Bitcoin’s long-term logarithmic growth models, reflecting its historical price trajectory.
At the time of writing, Bitcoin price is $66,779.14, with a 24-hour trading volume of $43,818,952,946. In the past 24 hours, Bitcoin has declined slightly by 0.65%.
The 1-day Relative Strength Index (RSI) reads 62.25, placing Bitcoin in a neutral position. Meanwhile, the 1-day Moving Average Convergence Divergence (MACD) is trading above the signal line, suggesting bullish momentum in the short term.
