Despite multiple crashes in recent months, expectations for Bitcoin’s price remain high. Crypto analyst Mikybull Crypto predicts that Bitcoin could soon reach a new all-time high of around $83,000. This raises the question: Could this be the beginning of a new bull run?
Bitcoin’s Recovery Gains Momentum
Recent market trends have shown Bitcoin experiencing a notable recovery. Over the past 24 hours, Bitcoin’s price has increased by 3% and has bounced back by 7.5% from a low of $52,859 recorded earlier in September.
This surge has drawn the attention of Mikybull Crypto, who remains bullish. His latest prediction stems from a head-and-shoulders reversal pattern identified on the 2-day BTC/USDT chart, signaling a potential continuation of the rally.
Mikybull’s current analysis builds on his earlier findings, which pointed to a bullish diamond formation on Bitcoin’s 8-hour time frame. This pattern suggested Bitcoin’s price could rise to $83,387, further backing his forecast of an $83,000 target.
Differing Predictions
Mikybull’s bullish prediction contrasts with veteran trader Peter Brandt’s earlier target of $73,300. According to Brandt, for Bitcoin to signal a full market recovery and ignite a long-term bull run, it needs to break its previous all-time high.
His analysis suggests that Bitcoin must surpass key resistance levels to shift market sentiment and confirm a true reversal.
Key Levels to Watch for Bitcoin Price
Look at the bitcoin price analysis BTC recently faced resistance at the $58,041 level. If it successfully breaks this resistance, we could see the price surge towards the next resistance level of $60,000.
On the other hand, if Bitcoin falls below the $54,000 mark, it could test lower levels, potentially reaching $52,000.
Currently, Bitcoin is trading at around $57,341, marking a 4% increase in the past 24 hours. The trading volume has also surged by 43.8%, bringing Bitcoin’s market cap to $1.13 trillion.
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What do you think? Will Bitcoin reach a new all-time high soon?
