As Bitcoin (BTC) regains its bullish momentum, analysts suggest the cryptocurrency could soon break through to new all-time highs. Crypto analyst Yoddha, in an August 9 post on X, predicts that Bitcoin might reach a record high of $81,000 if the current trend continues.
Bitcoin’s Rollercoaster Price Action
Yoddha describes Bitcoin’s price movement over the past year as a rollercoaster. After peaking at $65,000, Bitcoin experienced a sharp decline, dropping to a low of $49,000. This drop, which Yoddha termed a “liquidation hunt,” was driven by large sell-offs that triggered stop losses, causing a temporary dip in price.
Despite this setback, Bitcoin has rebounded and is now trading within its monthly range above $60,000. According to Yoddha, this recovery indicates underlying bullish momentum, positioning Bitcoin for further gains.
Key Levels to Watch for Bitcoin’s Next Record High
To continue its upward trajectory, Bitcoin needs to overcome several key resistance levels. Currently trading just below its yearly high, Bitcoin faces a crucial test. Yoddha suggests that a strong close in August could propel Bitcoin past the $81,000 mark. Beyond this point, longer-term projections see Bitcoin potentially reaching as high as $244,890.
Yoddha also identifies critical support levels, including the yearly low of $31,400, which Bitcoin must maintain to avoid downward pressure. Reclaiming the $65,000 level, where the previous peak occurred, is also essential for sustained momentum.
Expert Analysis on Bitcoin’s Potential
This optimistic outlook is shared by trading expert Michaël van de Poppe, who noted in an August 9 post on X that Bitcoin is showing strong performance. Poppe emphasizes the importance of the $57,500 support zone in maintaining bullish momentum. If Bitcoin holds above this level, it could set the stage for an all-time high in the September to October period.
Current Bitcoin Price Analysis
Currently, Bitcoin is working to establish itself above the $60,000 support zone, with a daily high of $61,500. As of this writing, Bitcoin is trading at $60,677, having gained over 1% in the last 24 hours. However, it remains down nearly 2% over the past week.
In summary, experts believe that Bitcoin’s ability to sustain its price above the $60,000 support level is crucial for achieving a new record high. If Bitcoin can close August with strength, the $81,000 milestone could be within reach.