Buckle Up: Bitcoin’s Ride to $74K Could Start Any Minute – Here’s Why

Samuel Edyme

1 year ago

3 mins read

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Although Bitcoin has yet to reclaim its peak of over $73,000 from March, it achieved a 24-hour high of $70,188. This performance is part of a gradual increase, with Bitcoin rising 1.2% over the past week and 2% in the last 24 hours, bringing its current price to $69,211.

Amid this price performance, the crypto has shown promising fluctuations that suggest a possible upswing in its market value, with developments in trading patterns and analyst forecasts painting a bullish future.

Breaking Resistance: BTC Eyes Major Breakout

In the current market environment, Bitcoin is nearing a critical resistance level that could set the stage for its next big price movement. Crypto analyst Ali has pointed out that BTC is on the verge of breaking out from a “symmetrical triangle” pattern on the charts.

This pattern, characterized by two converging trend lines, represents a period of consolidation before the price potentially moves in a more decisive direction. Ali suggests that if Bitcoin can sustain a close above the $69,330 resistance level, it may quickly ascend to around $74,400.

This move would break the recent static trend and signal the beginning of a more substantial rally.

#Bitcoin appears to be breaking out from a symmetrical triangle! A sustained close above the $69,330 resistance level could send $BTC to $74,400. pic.twitter.com/UrZrJqZdrr

— Ali (@ali_charts) June 3, 2024

Adding to the optimistic outlook, analyst TechDev has provided a comprehensive analysis that supports the potential for an unprecedented breakout. His observations are backed by historical data and technical indicators that align with Bitcoin’s current market activity.

According to TechDev, Bitcoin is exhibiting a pattern that could indicate a major bullish phase. He notes that historically, Bitcoin has experienced significant price increases, known as “blowoff tops,” which have typically been followed by notable corrections.

However, the current scenario is different. Bitcoin did not experience a blowoff top in 2021, which diverges from its historical behavior and suggests a potential buildup to a more sustained price increase.

Bitcoin (BTC) price chart on TradingView — BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

Impending Bitcoin Supply Squeeze

In support of these technical analyses, the market is also witnessing significant movements in terms of ownership and storage.

Data from BTC-ECHO’s Leon Waidmann reveals that the percentages of Bitcoin and Ethereum held on exchanges are at their lowest levels in years, indicating strong holding behavior among investors.

This decrease in exchange balances and continued accumulation by whales suggest that a supply squeeze could be imminent, potentially driving prices up as availability decreases.

📉 Exchange balances for both #Bitcoin and #Ethereum are at their lowest levels in years!🔥

Whales continue to accumulate. #BTC on exchanges is down to 11.6% and #ETH is at 10.6%!

Supply squeeze incoming. 📈

Get ready for the next big move. 🚀 pic.twitter.com/u4j13DZBJk

— Leon Waidmann | On-Chain Insights🔍 (@LeonWaidmann) June 2, 2024

Featured image created with DALL-E, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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