Bitcoin has just reached a major price milestone, hitting the $80,000 mark, which was a target that many analysts had predicted. But what’s next for Bitcoin, and will this bull run continue? According to analyst Josh of Crypto World, Bitcoin’s price surge has been driven by multiple bullish signals, particularly on the weekly chart.
The weekly Bitcoin RSI has broken out, hinting a strong bullish momentum. Historically, when this pattern has played out, it has led to extended bull runs lasting several months, sometimes up to a year. We’re now seeing similar signals, suggesting that Bitcoin could continue its upward movement for months to come.
Hitting the $80,000 Target: A Technical Achievement
Bitcoin has now reached the $80,000 price target that was predicted based on technical analysis. This target was identified after Bitcoin broke out of a bullish cup-and-handle pattern earlier this year.
Price Target Achieved: As of now, Bitcoin’s price has hit exactly $80,000, completing the bullish pattern. This is a significant achievement, as many analysts doubted Bitcoin would reach this level so quickly. So, what comes next now that the $80,000 target has been hit? There are several important price levels and market indicators to watch.
Bitcoin’s Next Price Target: $89,000
The next major price target for Bitcoin is $89,000, as indicated by the Fibonacci extension tool. This target is drawn from the previous all-time high (set in March) to the recent swing low, resulting in a Fibonacci extension at the 161.8% level.
Fibonacci Extension: The $89,000 level is a key resistance point, and if Bitcoin continues its upward momentum, it could reach this level in the near future, potentially within the next one to two weeks.
Short-Term Pullbacks: While Bitcoin is overall in a bullish trend, it’s important to expect occasional small pullbacks along the way. These short-term corrections are normal during bull markets, but they shouldn’t cause panic. As long as Bitcoin maintains its position above key support levels, the larger bullish trend is intact.
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