Bitcoin traders are closely monitoring its price, anticipating a swift move toward $68,000 if it can maintain its position above the $64,000 level—a threshold it has struggled to hold after spending 20 days below it.
Crypto analysts are identifying a pattern in Bitcoin’s price chart that suggests a potential rally, bringing it closer to reclaiming its 2021 all-time high. On August 24, the pseudonymous trader Mister Crypto shared an analysis video, highlighting the significance of Bitcoin surpassing the $64,000 mark. He asserted that if Bitcoin can break above this level, there’s a strong likelihood it will reach $68,000, a level it last touched on July 30.
A move toward $68,000 would reignite speculation about when Bitcoin might challenge its 2021 all-time high of $68,991—a milestone that many traders are watching closely as 2024 unfolds.
At the time of publication, Bitcoin was trading just above $64,245, according to CoinMarketCap. This marks the first time it broke above $64,000 since August 23, after struggling to stay above this level and even retracing to around $63,500.
This recent breakthrough followed comments from U.S. Federal Reserve Chair Jerome Powell, which bolstered investor confidence by suggesting that interest rate cuts might be on the horizon, although no specific timeline was provided.
Previously, $64,000 had been seen as a critical support level for Bitcoin, especially following the approval of spot Bitcoin exchange-traded funds (ETF) on January 11. However, after the downturn on August 5—dubbed “Crypto Black Monday”—this level transformed into a resistance point for the cryptocurrency.
Mister Crypto advised caution, noting that Bitcoin’s price is unlikely to see significant movement over the weekend and will likely consolidate around its current level. Meanwhile, another crypto trader, Elja, told their 684,400 followers on X that “It’s time for bulls to push Bitcoin towards $68K-$70K.”
Elja’s optimism is partially based on Bitcoin’s Relative Strength Index (RSI), which currently stands at 66.11, indicating that the asset is not yet overbought. The RSI is a momentum indicator, with readings above 70 suggesting an overbought market and below 30 indicating oversold conditions. During Bitcoin’s all-time high of $73,679 in March, the RSI peaked at 79.79.
