At the end of the bitcoin map, they predict a new maximum for the week.
After Bitcoin (BTC) set a record high above $7,300 and experienced a brief fall into the $65,000 range, crypto market participants are eagerly awaiting a recovery changes in its price, especially before the Bitcoin halving. And here the words of cryptocurrency expert Trading Shot are most inspiring, according to whom technical indicators point to the achievement of another record high by the end March. In a post on TradingView, the analyst noted that the fall to $65,000 led to Bitcoin falling below the four-hour MA50 and entering the green Ichimoku Cloud for the first time in a month, as well as woke up from the bottom of the short-term channel chart upwards. The Ichimoku Cloud is a technical indicator used to assess potential future price movements and identify key support and resistance levels.
Despite this decline, the analyst noted that this is the second upper low of the model, which indicates a potential continuation of the bullish trend. According to the expert, as long as the candles continue to close inside the rising channel, investors should expect the bullish trend to continue, which could potentially lead to attempts e breakout to the Fibonacci extension 3.0 at the level of $90,000.
As long as the 1D MA50 (red trend line) holds, we can expect a bullish reversal and a rise to another ATH towards the end of the month or, in the worst case, in the first week of April, wrote Trading Shot. The top trading expert emphasized the similarities between the current model and December 2023, not only in price movement and moving averages (MA), but also in the relative index sequences significant strength (RSI), which increases confidence in the bullish continuation. The weak side of Bitcoin At the same time, the analyst warned that a break in the rising channel could lead to a potential drop to $60,000, which would coincide with the testing of the four hourly MA200. Regarding the future direction of Bitcoin, investors should keep a close eye on the following price levels in the near future: a range of $64,750 to $66,700 remains key support oh for now, and if it is lost, investors should be wary of a decline to $60,760-62,790.