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- Bitcoin must hold above $81,300 to sustain its current bullish trend and avoid early retracement signals.
- A 3-day close above $90,000 would mark the first sign of market strength and shift toward a bullish breakout.
- Clearing $97,000 and closing above $103,000 could confirm a new all-time high and long-term upward momentum.
Egrag has opined on the trajectory of Bitcoin (BTC) price movement based on his earlier prediction on March 24th. At that time, he argued that $73,000 ought to be attainable for Bitcoin in the future. It was very close to that price, as he had forecasted previously. He is now focusing on new price levels that, in his opinion, will bring more gains, specifying several levels that can indicate further advancement.
Bullish Confirmation Levels
The analyst highlighted the importance of Bitcoin to remain above$81,300 to sustain it in the current bullish trend. This can be deemed as a good support stance if at this level in anticipation of a possible rally. He views this as the preparations for the next leg up in the Bitcoin market. However, he warned that this is just the beginning of the cryptocurrency’s price movement.
A three days consecutive trading above $90,000 will be the first which indicates strength for Bitcoin. This level is a major resistance level, and the price above it would be considered as sign of change of trend. He further explains that this close would mark the beginning of a steep ascent as Bitcoin crosses a key level.
After $90 000 the subsequent amounts are just slightly higher falling between $99 000 and $100 000. This would indicate a further positive trend is being maintained in the market market reach. He saw these levels as a signal that Bitcoin’s price could remain strong and continue to increase. Such a movement through the indicated levels will also brook a further evidence that Bitcoin is transitioning into a more long-term development course.
Bitcoin’s Path to ATH
The ultimate bull signal would therefore be when the price closes above the $103,000 mark. Such a level suggests that Bitcoin is headed for a new all-time high As already mentioned above, Bitcoin’s price is currently on an uptrend. It would denote a major significant that would propel Bitcoin quite further and also hint at a near exponential growth oscillator.
For this to happen, however, Bitcoin must first break past a significant resistance level at $97,000. Analyst noted that $97,000 is the level of fib 0.702 which was an important level in the price action. Breaking this level would invalidate a potential lower low and could open the doors to substantially higher levels. As of press time, BTC is trading at $83,499, showing a 2.03% increase over the past day.
Source: TradingView
The evaluation highlighted the importance of these respected levels for Bitcoin’s price action in the future. These numbers create the impression that if the cryptocurrency manages to overcome these levels, it will be headed towards touching a new all-time high. Such reasons indicate that investors and traders are keenly observing how Bitcoin inches closer towards these significant markers.
