Bitcoin (BTC), the largest cryptocurrency on the market, has once again crossed the significant milestone of $70,000. After a brief period consolidation between $67,000 and $69,000, the price at this level encountered powerful resistance.

However, bullish momentum suggests Bitcoin could consolidate above $70,000, paving the way for a potential retest of the next resistance at $71,300 and a potential climb towards it highest ever (ATH) of $73,700 achieved in March.

The question remains: will BTC maintain this predicted upward move and grow even more?

The analyst predicts the value of Bitcoin will raise to $74,400

Crypto analyst Ali Martinez highlighted importance of Bitcoin breaking out of a symmetrical triangle on the 1-hour BTC/USD chart.

Let’s assume the breakout is confirmed with a sustained close above the resistance level at $69,330. Martinez believes that this could push BTC to $74,400, setting a modern all-time high and favorably positioning it to conquer even higher levels.

Martinez also highlights Bitcoin’s current position above the +0.5σ price band. According to for the analyst, if BTC holds above this band, it will likely rise and test the 1.0σ price band at $79,600.

Another analyst, Rekt Capital, draws attention that Bitcoin is once again at the upper end of the reaccumulation range. In the case of Rekt, the outlook for Bitcoin remains unchanged, with the cryptocurrency just one week close above the Range High away from entering the parabolic phase of the market cycle.

The acceleration of the BTC cycle signals a continuing upward trend

In addition to the analysis provided by Rekt Capital, it is worth noting that Bitcoin’s recent rally to modern all-time highs in mid-March showed an accelerated cycle compared to previous market cycles. Rekt Capital noticed that the cycle speeds up by 260 days.

However, due to Bitcoin’s months of consolidation since then, the acceleration rate has slowed to around 170 days. Despite the correction, the cycle remains accelerated, and the break above the level of 73.7 thousand dollars would indicate that accelerated cycle will probably continue.

Crypto Con market expert supports the view that Bitcoin will maintain its positive trajectory through the end of 2024, based on 90-day realized profit/loss ratio (RPLR) analysis.

According to for Crypto Con, the first move above the RPLR value of 11 has been completed, matching previous cycles that peaked at the end of the year.

The second peak of this indicator, representing the “true cycle peak”, is expected to occur between September this year and January 2025.

Crypto Con further highlights the importance of considering the logarithmic MVRV (market value to realized value) ratio, which has attracted a lot of attention this cycle.

Logarithmic MVRV accurately identified cycle peaks and troughs using a convergent channel. The data shows that the cycle progression may be more advanced than on the surface.

In March 2024, the price reached levels similar to those seen during the first peaks of each cycle. Fortunately, Crypto Con notes that there is still enough room to grow towards the top of the cycle.

These observations and analyzes suggest that Bitcoin shows great potential for further price appreciation. The cryptocurrency’s ability to break key resistance levels and maintain its bullish momentum will determine its trajectory in the coming days and whether it can overcome its previous ATH.

At the time of writing, the largest cryptocurrency on the market is trading at $70,800, up 4.4% over the past seven days.

Featured image from Shutterstock, chart from TradingView.com