Mon 03 Jun 2024 ▪
3
min of reading ▪ by
Bitcoin might be on the verge of reaching new unprecedented heights. According to analyst Ali Martinez’s predictions, BTC’s price should soon test the symbolic threshold of $79,600, if it can maintain its current bullish momentum.
A major bullish signal for the queen of cryptos
Defying bearish forecasts, Bitcoin has rallied since the beginning of the year, catching many analysts off guard who were betting on a prolonged bearish trend.
With a 15.29% increase last month, BTC now boasts a gain of 81.5% since January, largely outperforming other traditional asset classes.
According to the analysis by Martinez dated this Sunday, June 2, as Bitcoin trades around $66,800, if the crypto manages to stay firmly above this level, it could spark a new soaring rally to reach the highly coveted target of $79,600.
This $79,600 threshold would represent a new all-time high for Bitcoin, surpassing its previous peak of $73,700 reached in March 2024. Such a bullish scenario would illustrate the market’s persistent strength despite global monetary tightening.
At the time of writing this article, Bitcoin is trading around $69,100, showing a respectable 2% increase over the last 24 hours.
Technical analysis supporting Bitcoin’s bullish trend
On the technical indicators side, Bitcoin shows a clearly bullish bias. It trades above its 200-day moving averages, a sign of positive medium-term momentum.
Sustained trading volumes also indicate renewed investor appetite for the leading crypto.
In short, Ali Martinez’s analysis, combined with current market trends, highlights Bitcoin’s resilience and its still immense potential. All eyes are now on this symbolic threshold of $79,600 or more, which the queen of cryptos seems well determined to conquer in the coming weeks.
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Passionné par le Bitcoin, j’aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l’outil qui peut rendre cela possible.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
