Bitcoin’s market sentiment has officially entered a bull trend. Price recently broke from a symmetrical triangle, possibly continuing to the upside. The price broke the 0.786 Fibonacci level at $68,833.04, surpassing it quite successfully, and it continued to make new ATH prices as high as $69,7486.
This bullish momentum is also evident, with the price currently hovering above 0.618 Fibonacci level at $68,333 down to provide a solid basis to support and give us room for further gains ahead if established as levels of support. However, a slight retracement was seen once again! The current price is $69,332.51 (-1.61%). If the bulls overpower supply, the prices can rise above $69,748.62 (6th resistance). With such price movement, Bitcoin can rally to a $75K mark soon.
On target! 🎯✅ $BTC https://t.co/GcMRK74yOZ pic.twitter.com/6ga86gMZdx
— Ali (@ali_charts) July 29, 2024
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The bullish momentum swirling around the Bitcoin Conference in Nashville set the stage for Bitcoin to shatter through the $75,000 milestone and reach new dizzying heights. Former President Donald Trump rocked the crypto world by speaking at the event and calling on supporters, pledging to transform America into the planetary crypto capital and the global Bitcoin superpower.
This dramatic about-face stunned many, given his prior mudslinging dismissal of cryptocurrency as a “looming catastrophe.” Empowered by this newfound endorsement, Bitcoin seems primed to achieve astonishing new peaks that have never been seen before across this entire calendar year.
In actuality, BTC projections indicate the largest crypto could vociferously touch the $80,000 mark before 2024 concludes. To attain the high of $80,000, Bitcoin must preserve its admirably ornamented rising curve by persistently defeating all resistance at each plateau and retaining firm footing above all support levels.
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Moreover, ongoing positive propaganda from influential figures and occasions, amplified adoption by major financial institutions and companies, and encouraging regulatory changes will be paramount in bolstering its path. With significant trading activity and continued investor support, Bitcoin will further fortify its journey to reaching new unprecedented peaks.
