Skip to content
- Bitcoin’s support at $74,000 holds strong, indicating a bullish continuation pattern toward higher prices.
- A breakout above $80,000 could propel Bitcoin toward $100,000, offering big gains for traders and investors.
- Ideal entry for Bitcoin is between $74,000 and $78,000, with key targets set at $118,476, $136,753, and $161,132.
Rose Premium Signals stipulated that Bitcoin is primed for another bullish run. The analyst pointed out $74,000 as crucial support level that has withstood several tests of the market turmoil. From the weekly chart, it seems that Bitcoin is in a bullish continuation pattern so there are chances that a big price move upwards is in the offing.
Bitcoin Bullish Breakout Ahead
The BTC has been oscillating in consolidation phase and price actions indicate that the coin is about to head north. A close above $80,000 is expected to trigger a surge that would propel Bitcoin toward the six-figure mark. This potential breakout would have been ideal for long-term traders or anybody willing to invest in Bitcoin through the long run.
Source: Rose Premium Signals
He further states that it’s ideal to enter at $74,000/$78,000 price range as risk-reward ratio is highly favorable there. Analyst recommended to place a stop loss just below this price ranging at $69,000, since the market is unpredictable and a reversal may occur at any time. Currently, it is trading at $77,696, which might make for a good entry point in case one wants to invest before the bullish breakout. Traders would be in for huge gains if the price stays in the indicated entry area for the upward move to persist.
BTC Breakout and Resistance
Depending on the breakout, the first target level is $118,476, the second target level is $136,753, and the final target level is $161,132. These levels depict significant opportunities in the region for bitcoin and possibility of hitting further higher ground if the breakdown/log breakout pattern plays out as indicated. Thus, if Bitcoin’s price behaves according to these levels, this can mean that the upward trend will continue in the coming weeks.
A breakout past $80,000 will signify the continuation of the bullish momentum and enter a new cycle for BTC. Breaking through key levels, Bitcoin has the potential to hit $100K soon, which will be highly profitable for short-term traders as well as holders of BTC.
The focus here is at long-sustaining at $74,000 is crucial. Thus, if Bitcoin remains stable and crosses $80,000, one might see a significant bullish trend. However, it is always important to tread carefully as well as look for signs of reversal as Bitcoin approaches its key resistant levels. Over the next few weeks, one may notice substantial volatility in Bitcoin’s price.
