Amid a positive sentiment triggered by former United States President Donald Trump expressing unwavering support for Bitcoin (BTC) at one of the largest cryptocurrency events in existence, the maiden crypto asset is eyeing to reclaim the $70,000 level, but it might not end there.
As it happens, Bitcoin could hit a new all-time high (ATH) in the next few weeks, as observed by experts over at the crypto market analytics platform Bitcoinsensus, who identified a Wyckoff re-accumulation chart pattern looking “very promising,” according to an X post on July 29.
In the experts’ words, “an all-time high seems inevitable in coming weeks” or, more specifically, by mid-September, but they also warned of a “potential for a pullback before reaching that peak,” demonstrating on a chart the possible future performance for the flagship decentralized finance (DeFi) asset.
Indeed, the Wyckoff pattern draws upon an analysis method by legendary trader Richard Wyckoff, which involves identifying patterns in price and volume data to predict future price movements. According to this pattern, the cycle comprises four key phases, including accumulation, markup, distribution, and markdown.
At the same time, renowned crypto trading analyst Ali Martinez also predicts the continuation of the largest crypto asset’s uptrend, observing that TD Sequential was currently presenting a “sell signal on the Bitcoin hourly chart, anticipating a brief correction before the continuation.”
Donald Trump Bitcoin endorsement
Furthermore, crypto specialist Michaël van de Poppe pointed out that “Donald Trump’s speech has provided a positive impact, through which Bitcoin might be facing an ATH test in the coming weeks,” adding that “as long as it stays above $60-62K, we’re in good territory for further continuation.”
As a reminder, Trump expressed his full support for the crypto industry at the Bitcoin 2024 convention in Nashville, Tennessee, arguing that he would make it his administration’s policy to ‘hodl’ all Bitcoin in possession of the government and keep crypto businesses in the country, injecting optimism in the market.
Bitcoin price analysis
At press time, Bitcoin was changing hands at a price of $69,410, up 2.45% on the day, as well as advancing 2.38% across the past week, and adding up to the monthly gain of 14.10%, according to the most recent chart information retrieved by Finbold on July 29.
Ultimately, Bitcoin seems to be in a good position for further gains, perhaps even to a new ATH, overtaking the previous record of $73,738 reached in March 2024, with moving average convergence divergence (MACD), relative strength index (RSI), and Ichimoku Cloud all signalling an imminent rally.
That said, trends in the crypto market can sometimes change dramatically, so doing one’s own due diligence, carefully researching relevant assets, weighing all the risks involved, and keeping up with any Bitcoin news or crypto news is critical when investing significant sums of money.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
