Bitcoin (BTC) price finds support from the reduced outflows from spot exchange-traded funds (ETFs), continuing to trade above the $70,000 level at the time of writing and consolidating. The cryptocurrency’s recent record-breaking streak has turned all eyes towards another historic level and price rally.
How Much Will Bitcoin Be Worth?
In this context, a well-known cryptocurrency expert from the market, TradingShot, shared his views on a chart on March 30. According to the analyst’s sharing, Bitcoin‘s technical indicators strongly suggest a rising trend that could lead to a new record high of $78,000.
The analyst also emphasized that Bitcoin shows similarities to a fractal model observed in the S&P 500 index, albeit at different times and time frames. Bitcoin was evaluated on a four-hour time frame, while the S&P 500 analysis was conducted on a weekly basis.
The analysis reveals that Bitcoin’s four-hour moving average is retracting towards the 50-day moving average (MA50) and is very close to forming an upward cross.
While highlighting parallels with the S&P 500 fractal, the analyst also pointed out that investors could consider this intersection an important buying signal. This emerging signal had previously led to an aggressive rally that continued to dominate the market, similar to the S&P 500.
Bitcoin Opinions and Overbought Conditions
An examination of the Relative Strength Index (RSI) shows that both Bitcoin and the S&P 500 exhibit a similar pattern, positioning them in the overbought zone following an upward channel formation and a double bottom formation that could be considered an additional buying signal.
Looking at this price analysis, it appears that Bitcoin is currently at the 0.786 retracement stage. With this retracement, the S&P 500 fractal suggests that Bitcoin’s potential target should be in the 1.382 Fibonacci extension area, reaching approximately $78,000.
It is also worth mentioning that Bitcoin has successfully avoided falling below the $60,000 level and continues to trade above $70,000, at least for the time being.
On the other hand, at the time of writing, Bitcoin was trading at $70,180, reflecting a gain of about 9% to investors over the past seven days.
