Crypto traders have identified a pattern on Bitcoin’s price chart that could potentially signal a move toward reclaiming its 2021 all-time highs.
In an analysis video dated Aug. 24, the pseudonymous crypto trader Mister Crypto highlighted the Bitcoin price chart, noting that if Bitcoin breaks above the $64,000 level, it is “very likely” to return to the $68,000 level, a price point it hasn’t seen since July 30.
The approach to $68,000 would likely lead traders to speculate on whether Bitcoin could surpass its 2021 all-time high of $68,991, a key benchmark closely monitored as 2024 unfolds.
As of the time of publication, Bitcoin is trading just above the $64,245 mark, based on CoinMarketCap data. However, it only broke through the $64,000 level on Aug. 23 for the first time in 20 days and struggled to hold above it, subsequently retracing back toward $63,500.
The breakthrough followed dovish comments from U.S. Federal Reserve Chair Jerome Powell, which further increased confidence among U.S. investors that interest rate cuts are imminent, although Powell did not provide a specific timeline.
Earlier, $64,000 was seen as a significant support level for Bitcoin after the approval of spot Bitcoin exchange-traded funds (ETF) on Jan. 11. However, a recent downturn on Aug. 5, dubbed “Crypto Black Monday,” turned this level into resistance.
Mister Crypto cautioned investors that Bitcoin’s price is unlikely to make significant moves over the weekend and may consolidate around its current level.
Meanwhile, crypto trader Elja told their 684,400 X followers, “It’s time for bulls to push Bitcoin towards $68K-$70K.”
Elja’s optimism is partly based on the relative strength index (RSI), which indicates that Bitcoin’s price is not overbought yet. When the RSI is above 70, it suggests a potentially overbought market, while below 30 indicates a possibly oversold market.
Currently, Bitcoin’s RSI stands at 66.11, according to Bitbo data. During Bitcoin’s all-time high of $73,679 in March this year, the RSI surged to 79.
