The rejection of lower prices after a major drop in early August has reassured traders. Despite this recovery, Bitcoin bulls have yet to surpass local resistance levels. Traders remain optimistic, expecting a breakout above $72,000 to drive demand and potentially push Bitcoin to new all-time highs.
One trader, referencing historical price cycles, believes Bitcoin will go through two more phases before reaching an all-time high. According to the RSI Bollinger Band % Phases indicator, Bitcoin typically reaches cycle tops on the fifth move, and only three of five cycles are currently complete.
Another analyst contends that Bitcoin may not immediately surpass $73,800 but will likely achieve this milestone within the next two months. The forecast aligns with Bitcoin's historical 4-year cycle, suggesting higher prices in early January 2025.
A different analyst notes that Bitcoin's price history favors gains in the last months of the year. They expect rapid price expansion in Q4 2024, as it has taken fewer days in past cycles to reach all-time highs.
As of August 23, the market sentiment indicator has returned to positive, indicating renewed interest from bulls. However, any drop below $50,000 could trigger a sell-off to new lows in H2 2024.
