Popular analyst Titan of Crypto shared a new analysis in a recent post on X. The graph analyzes past price data of Bitcoin and tracks trends from the lowest to the highest BTC levels in a cycle. According to this analysis, the target that emerges could make Bitcoin investors happy.
According to the analysis shared by the investor, the price of Bitcoin could rise to around $137,000. Based on the time frame of the graph, this record level is expected to be reached in August 2024. At the time of writing, the leading cryptocurrency was trading at $27,917, indicating a slight decrease of 0.35%.
Bitcoin has experienced an increase of over 3% in the past seven days and a monthly rise of 6.57%. This has brought joy to Bitcoin investors and the entire crypto community.
Additionally, Bitcoin’s 24-hour trading volume has decreased by over 48%, with a total volume of $6,951,099,043. While Titan of Crypto believes that the $137,000 level will be reached over time, Bitcoin would need to perform over 100% to surpass its all-time high of $68,789 reached in November 2021.
Bitcoin has been battling at the $28,141 resistance level for the past week, and if the BTC price completes a weekly close above this level, the next two weeks will focus on the next key resistance at $29,203.
On the other hand, if Bitcoin fails to achieve a daily candle close above the $28,000 resistance in the next few days, it could lose its bullish trend. In this case, a bearish scenario becomes prominent, and the price of Bitcoin could test the support level at $26,923 in the coming weeks.
In addition to all this, the price of Bitcoin is trading within a medium-term positive price channel on the chart, suggesting that it could rise in the next few days. This ascending channel formation has formed in the past few weeks as the volatility level of Bitcoin has increased.