Bitcoin price reaches $64,500! What can we expect now?

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Just pinch yourself. No, it’s really not a dream. The Bitcoin price is heading for a new all-time high, proving many critics wrong. I still remember a quote from the European Central Bank (ECB), literally 1 day before the bottom was set at $15,400: “Bitcoin on the road to irrelevance”. And quite recently the ECB said: “The value of Bitcoin is 0”. Fortunately, the market knows better and values ​​Bitcoin ‘slightly’ higher than 0. Take statements from the ECB with a few ounces of salt. They have only one goal and that is to save their own skin and thus make Bitcoin as negative as possible. And you can sense that it is also paying off among people who have never delved into Bitcoin.

People really think Bitcoin is worth nothing. That it is a pyramid scheme and based on air. The negative statements towards Bitcoin always come from people who either have an interest in the failure of Bitcoin or simply have no understanding of the fundamentals of Bitcoin.

The world is digitizing and nowadays virtual assets can also have value, even though they are not tangible. Having full control over your own assets seems self-evident, but in many countries where political unrest and corruption is prevalent, it is not so self-evident. And if you want to transfer money from those types of countries to your family in other countries, you pay ridiculously high costs. Bitcoin solves all these problems. No government or agency can interfere, transactions that can travel all over the world very quickly for a small fee. You who can have a different point of view politically and do not have to fear that they will close your account and take your money. That is Bitcoin.

It is so much more than just a means of payment or a hedge against inflation. And most people don’t realize that. And that’s why you’re still relatively early. Anyway, that’s it for some fundamentals. Let’s dive into the graphs!

Weekly chart

Bitcoin is once again doing what Bitcoin is so good at. Push hard and leave everything and everyone behind. Don’t give a chance to get in. This is not the first time. This happens again every cycle. This is the price action that makes Bitcoin so famous, so incredibly popular. But volatility always works both ways. So if the price continues to climb for a long time, you have to take into account that sooner or later we will take a step back. And that’s fine! That’s part of it.

The most important levels at the moment are the all-time high at $69,138 and the support at $52,119. Furthermore, there is not much and that also explains why the price can move so effortlessly. I also expect that the all-time high will only be a formality, but that we can expect some interaction there. We also saw that in the previous cycle. Just before or after the all-time high, you have to take into account that we will see a drop of 20% or more at some point. These are mainly people who want to cash in on some profit or, for example, people who bought the top in the previous cycle and now want to get out around break-even. Normally we would then have to continue the way up. Personally, I don’t expect us to drop below $50,000 anytime in the coming period, but to hold higher.

Daggrafiek

I can go into a whole story about price areas that need to be tested again, but the reality is that we hardly have any levels here. We are moving fairly in no man’s land and I also think that we will see some cooling in the short term. A bit of a similar situation to what we saw in October and November 2023. The price will cool down and move more sideways and the RSI can also cool down as a result. That would be very positive for altcoins! They will then take a lot of initiative, until Bitcoin continues the trend.

So you see that we don’t necessarily have to go down with Bitcoin to cool down. People have been talking about strong corrections for months, but I haven’t seen them yet. And I honestly don’t expect them either. I don’t think we’ll see a 30%+ correction until well after a new all-time high. In the previous cycle we also only saw the first 30% correction after a 1000% increase on Bitcoin. Then we were well above $40,000, after rising from $3,700. So don’t underestimate the power of this market!

Conclusion

In short, long story short. The market is incredibly bullish and I don’t see any argument to question that. I have been speaking out strongly as a bull since the beginning of 2023 and you can all watch these videos on our YouTube channel. I am and will remain bullish until the market overheats and I see clear warning signs. You will be the first to hear if I doubt the continuation of the bull market. Make sure you don’t miss this and subscribe to our YouTube channel and follow the free News Channel on Telegram. Starting next week we’re going to do something really cool there, so make sure you joint that channel. Until the next update!

Disclaimer: The analyzes above are based on technical patterns and trends in the crypto market. It is critical to emphasize that this information is not intended as financial advice. Cryptocurrency investments inherently involve risk and are subject to volatility. Before making investment decisions, it is recommended to do your own research, seek financial advice and only invest what you can afford to lose.

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