Bitcoin has made a 10% jump in the last seven days as the global cryptocurrency market continues to rebound.
Following this price action, some traders now believe that BTC is in a bullish accumulation phase. If the buying pressure increases, the uptrend could grow stronger, and Bitcoin could be poised for further gains.
Bitcoin was trading at $64,710 on July 17 at 09:27 a.m. EST after a 1.3% gain in 24 hours.
Is A Bitcoin ATH On The Way?
Analyst @TheMoonCarl on X opines that Bitcoin’s next target will be $74,000 after this bullish accumulation phase.
In his chart, the analyst noted that Bitcoin was poised for a significant upswing as the next stage in the Wyckoff accumulation cycle. If this rally happens as expected, the largest crypto could be set for an over 30% price increase, creating fresh all-time highs.
In support of this bullish projection, another trader on X, @MikybullCrypto, opined that Bitcoin had created a weekly megaphone price pattern. This pattern brings the short-term BTC price target to $69K.
In the long term, the analyst believes that Bitcoin could head toward the $84K to $88K price range, which will also be an ATH.
These bullish predictions come as Bitcoin continues to attract high buying pressure. The Relative Strength Index (RSI) is currently at 61, indicating an influx of buyers. However, BTC is yet to reach the overbought region, signaling more room for growth.
The steady rise of the RSI line alongside the price shows that the upward momentum could continue. The indicator also supports the blue sky scenario of Bitcoin smashing the March 2024 ATH above $73K.
FUD Fails To Dampen Bitcoin’s Rally
Bitcoin continues to face selling pressure amid news around the proposed Mt.Gox repayments. The defunct exchange sent nearly $6 billion to different wallets on July 16, igniting concerns that these coins could be damped in the market.
A recent CryptoQuant report noted that negative news and FUD caused the June downtrend. The selling concerns around Mt.Gox and the German government and outflows from spot Bitcoin exchange-traded funds (ETFs) contributed to the Bitcoin dip below $55K.
However, the near assassination of Donald Trump last week shifted the market sentiment. Bitcoin has reclaimed vital support levels, and more liquidity has entered the market. Moreover, miners have also reduced selling.
The report noted an increase in the number of long-term holders holding Bitcoin, forming a local bottom. As these holders buy more, it shows high market confidence that could continue supporting the uptrend, possibly to a new ATH.
If these factors remain constant and selling pressure continues to wane, the Bitcoin uptrend could just be starting, with more gains on the way.
