Bitcoin Price Forecast: Prepare for a New High

I am looking for Bitcoin to reach a new all-time high in the near future. See where he might find sellers.

🔍 Technical outlook for the king of crypto:

• Looking at the weekly Bitcoin chart, it is clear that the bullish momentum continues to build. I’m aiming for a goal of $79,000, driven by key technical formations and recent price momentum.

🧲 Double resistance magnet:

• We are about to embark on a dual resistance magnet, which has a historically high price due to its technical importance. This includes:
  • A formidable red resistance line that has already been tested twice: marking the weekly highs of April 12, 21 and October 18, 21.
  • The upper limit of the prominent yellow channel.

🚀 Current Trends for BTCUSD:

• Find historic peaks: Bitcoin impressively regained its all-time high of $69,000.
• Saying tail signs: The pronounced tails on this week’s candlestick and those from two weeks ago reveal underlying buying pressure, suggesting that the price decline is actively being rejected.

📊 Market behavior in crypto: still bullish:

• The uptrend is evident through the yellow colored ascending channel, indicating sustained positive momentum.
• The market is consistently making higher lows, signaling sustained uptrend strength.
• Our eyes are now on the resistance line which is being challenged for the third time, potentially setting the stage for a crucial breakout or strategic retracement.

📈 Strategic Considerations When Trading Bitcoin:

• Wait for a definitive push above the current all-time high to consider bullish entry points.
• Remain cautious and observant as the market approaches these important resistance levels.

⚠️ Watch out for Bitcoin short sellers here (near previous all-time high):

• Short sellers may want to hold on to their positions, especially as they wait for stop orders to be triggered above the all-time high, fueling further price action.

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