Bitcoin Rise: Experts Predict New All Time High

Bittime - With renewed enthusiasm following former US President Donald Trump's strong endorsement of Bitcoin (BTC) at one of the biggest cryptocurrency events, the leading digital currency is targeting the $70,000 level and possibly higher.

Bitcoin New All Time High Predicted

Analysts at Bitcoinsensus, a well-known crypto market analytics platform, have detected a promising Wyckoff re-accumulation pattern. In a recent post on July 29, they expressed the belief that Bitcoin might reach a new all-time high (ATH) in a few weeks, perhaps in mid-September. They also noted the possibility of a small decline before reaching this peak, highlighting Bitcoin's expected future performance.

The Wyckoff Method, developed by legendary trader Richard Wyckoff, involves analyzing price and volume data to predict future market movements. This method identifies four main phases: accumulation, markup, distribution, and markdown.

Analyst Predictions on Bitcoin's Rise

Crypto trading analyst Ali Martinez also predicts a continued uptrend for Bitcoin. He pointed out that the TD Sequential indicator is currently showing a “sell signal” on the hourly Bitcoin chart, which suggests a brief correction before the uptrend resumes.

Trump's support for Bitcoin

Michaël van de Poppe, a crypto specialist, emphasized the positive impact of Donald Trump's latest speech on Bitcoin. Trump's support could push Bitcoin to test a new ATH in the near future. Van de Poppe added that as long as Bitcoin remains above the $60-62K range, the market remains favorable for further gains.

At the Bitcoin 2024 convention in Nashville, Tennessee, Trump expressed his strong support for the crypto industry. He promised that his administration would hoard all government-owned Bitcoin and promote crypto businesses within the country, raising market optimism.

Bitcoin Current Performance

According to the latest data on July 29 from Finbold, Bitcoin traded at $69,410, recording a 2.45% gain for the day and a 2.38% gain over the past week. The monthly increase reached 14.10%. Indicators such as moving average convergence divergence (MACD), relative strength index (RSI), and Ichimoku Cloud show potential for a rally.

Also check out today's Bitcoin chart via Bittime below;

Conclusion

Bitcoin is poised for further gains, with the potential to exceed its previous record of $73,738 achieved in March 2024. However, given the volatile nature of the crypto market, it is important for investors to conduct careful research, assess all risks, and stay informed with the latest news before committing significant investment.

How to Buy Crypto in Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor graphic movement Bitcoin (BTC) price, Ethereum (ETH), Solana (SUN) and other cryptos to find out today's crypto market trends in real-time on Bittime.