Bitcoin (BTC), after reaching its all-time high of $73,777, has left the market eagerly awaiting its next move. Some speculate that Bitcoin could experience a pullback before the halving, especially after a recent drop to $65,000. Can Bitcoin break another record by the end of March?
Will Bitcoin Price Hit Another Record?
Amid expectations, cryptocurrency expert Trading Shot has observed based on technical indicators that Bitcoin could see a new all-time high by the end of March. The analyst noted in a March 15 TradingView post that Bitcoin’s drop to $65,000 resulted in its first entry into the green Ichimoku Cloud within the month and also touched the bottom of the short-term upward channel formation.
The Ichimoku Cloud is a technical indicator used to assess potential future price movements and identify key support and resistance levels.
Indicating Potential for Uptrend Continuation
According to the analyst, this drop points to the second highest level of the formation and suggests a potential continuation of the uptrend. As long as the candles continue to close within the upward channel, investors should expect the uptrend to persist and potentially lead to an attempt to break towards the $90,000 3.0 Fibonacci extension.
The expert also explains why another peak in Bitcoin could be on the horizon by stating:
“As long as the daily MA50 (red trend line) holds, we can eagerly anticipate another rise towards an ATH by the end of the month or at worst in the first week of April.”
Furthermore, the expert emphasized that the similarities between the current formation and those of December 2023 are not only in price action and moving averages (MA) but also in Relative Strength Index (RSI) sequences, reinforcing confidence in the continuation of the uptrend.
Bitcoin Dips Below $67,000
The expert also warns that a downward break in the upward channel formation could lead to a potential drop to the $60,000 level, coinciding with a test of the four-hour MA200.
After reaching $73,777, Bitcoin experienced a sharp correction. Notably, some of the market interprets this as Bitcoin’s tendency to fluctuate after hitting record levels.
Regarding the next Bitcoin price movement, investors are considering certain price levels in the coming days. Specifically, the range between $64,750 and $66,700 is currently a significant support, and if lost, investors should watch the $60,760 and $62,790 levels. At the time of writing, the price of Bitcoin has dipped below $67,000.
