Bitcoin Price Should Reach New High This Week
This week, the Bitcoin rate should update the historical maximum set in July at $123,236.
Over the weekend, bulls started pumping the BTC price again, and it rose to $122,177. Analyst Michael van de Poppe assumed that the coin’s value would correct after reaching $120,000, but he was wrong, and the upward trend continued, accordingly, we will see a new peak in the digital asset’s rate in the near future.
Since 2023, Bitcoin price has been fluctuating within an expanding ascending channel, so it can be assumed that after breaking the previous price high, the bullish rally will not stop until kriptovalyuta will not rise in price to the upper line of the figure at around $141,000. In this case, the value of the coin will increase by 16% from its current value.
Ascending channel on the Bitcoin price chart
However, a conservative scenario suggests that the coin will only increase in value to $130,000. The fact is that there is a powerful resistance zone at this level, which will be difficult to break through the first time. Therefore, the upward movement may stall, and the growth of the BTC price will be limited to $130,000, after which a downward correction will begin. In this case, the target of $141,000 will be reached, but later, probably closer to the end of autumn.
