Cryptocurrency analysts predicted that bitcoin will reach a new historical high

The flagship cryptocurrency is holding its value below $ 30,000 as the asset failed to break through a key resistance level amid continued consolidation. However, technical analysis of bitcoin suggests that the asset may be on its way to another all-time high based on historical price movements.

In his post on TradingView, an anonymous crypto analyst at TradingShot noted: BTC $77,186.14 Mezo Wrapped BTC -0.48% Market capitalization $75.87 million VOL. 24 hours $0.86 billion has completed the formation of the third golden cross pattern in history, which is a bullish price signal in the long term.

According to historical data, the previous two golden crosses led to a significant increase in the value of bitcoin. As soon as this happened, the 200-day moving averages calculated on the three-day timeframe (3D MA 200) turned into a crucial support level, helping to maintain the uptrend.

Drawing parallels with previous cycles, TradingShot emphasized that the next likely target for bitcoin’s upward movement will be its all-time high, which was last reached at $ 69,000. «It can be assumed that BTC will reach the current ATH level ($ 69,000) around the same time next year,» the analyst said.

However, not all cryptocurrency experts share the positive forecasts of the BTC’s value. For example, crypto trader Nebraskan Guner emphasized that a decline in the bitcoin rate to $ 19,000 «seems very likely.» «Do not get euphoric. If the rate drops below $ 27,000, we will reach the range of $ 19,000-$ 23,000. This is quite realistic. Play with BTC at different levels,» the strategist emphasized.