Bitcoin Price Forecast: Will New All-Time Highs Be Reached Soon?

Since peaking near 74k in mid-March, BTCUSD has retraced to the 61k support level and is now consolidating. Despite recent volatility, the overall sentiment remains optimistic for medium to long-term investors. The consolidation phase is forming a symmetrical triangle pattern on the daily chart, suggesting a potential continuation of the uptrend. A recent Morning Star candlestick formation following a dip below 68k and positive market indicators like the NFP report further support bullish momentum. Currently hovering around 68k, BTCUSD shows signs of retesting the 70k mark, with a potential target of 80k if price holds above 71k. Maintaining a bullish outlook as long as BTCUSD stays above 62k.

Bulls successfully pushed the price above the 68k median line as previously discussed, currently testing the resistance of the triangle pattern. On the weekly chart, a strong buying signal is evident with long-tailed candles forming two weeks ago and again this week. Once the price surpasses the 70k zone, we can expect a potential acceleration to the upside.