- Bitcoin is set for a 72% surge after breaking the critical $67,559 resistance level.
- Hidden bullish divergence patterns signal a potential rapid rise to $116,652.
- The cryptocurrency may be entering a new bullish cycle following months of consolidation.
Bitcoin (BTC) is positioned for a price surge following a critical bullish confirmation. After a strong performance, the cryptocurrency is now pushing past the $67,559 mark, which has held as a key level since March.
This development has triggered expectations of a further 72% climb, potentially reaching $116,652 in the near future.
Over recent months, Bitcoin experienced a sharp 333% rise to breach the $67,559 level before pulling back. However, this pullback was marked by multiple hidden bullish divergence patterns, which suggest a healthy recovery and continued upward movement.
The confirmation of these technical patterns points toward a likely breakout above the $67,559 resistance, putting Bitcoin back on track for its next target at $116,652.
As of July 27, 2024, technical analyst Javon Marks noted that Bitcoin has once again crossed above the $67,559 level.
This crossing is significant because it reaffirms the bullish divergence patterns and strengthens the outlook for a 66% to 72% additional upward move. If Bitcoin holds above this key resistance, the cryptocurrency could soon test the $116,652 price level.
Recent price action indicates that Bitcoin’s fluctuations around the $67,559 level might have been a phase of consolidation, setting the stage for the next bullish cycle. With the confirmed hidden bullish divergence in play, analysts are closely watching Bitcoin for signs of a rapid acceleration in price, particularly if it manages to hold above this crucial level.
If Bitcoin successfully maintains its momentum above $67,559, the $116,652 target may come into focus sooner than expected. The next leg of this bull market could unfold faster than anticipated, as the market readies for another major move.
