The recent Bitcoin downtrend has officially ended, signaling a potential shift in market momentum. As we examine the breakout, key price targets and support levels are coming into focus, along with critical resistance points that could shape Bitcoin’s next moves.
Analyst Capo took to his Telegram handle and said that Bitcoin is showing signs of bullish momentum. Over the weekend, he said that Bitcoin experienced minimal movement, with only a slight pullback. However, with Bitcoin reclaiming the $60k mark, more altcoins are beginning to surge. The best may still be ahead for the crypto market.
If Bitcoin reclaims $62k, which it seemingly has, we could see a rise to $69k-$70k. Should Bitcoin successfully surpass the $69k-$70k range, the next target would be $75k-$80k. Despite some short-term pullbacks, which should be viewed as either buying opportunities or minor dips to ignore, the outlook remains positive.
The analyst wrote, “$BTC reclaiming 60k, more altcoins are starting to pump. The best is yet to come. First bullish confirmation: clean reclaim of $62k = $69k-70k likely. Second bullish confirmation: clean reclaim of $69k-70k = Main target ($75k-80k) likely.”
According to analysis by More Crypto, Bitcoin is gradually moving higher, breaking out of a triangle pattern. However, this breakout isn’t fully convincing yet, so there’s a chance Bitcoin could test support again before resuming its upward trend. This potential retest wouldn’t disrupt the overall structure based on Elliott Wave theory but might lead to some adjustments in the short term.
The price is currently in what appears to be the third wave of an upward diagonal pattern. As long as Bitcoin holds above the key support level of $62,520, higher prices are still possible. If the Bulls manage to push the price above $64,600, we could see a breakout leading to the next leg up. However, if Bitcoin drops below the support level, we may see a pullback before another rally attempt.
