With Bitcoin price (BTC) holding steady above the $70,000 level, all eyes are on whether the flagship cryptocurrency can break out to new highs in the near future. On November 4, crypto analyst TradingShot shared a detailed analysis on TradingView, examining Bitcoin’s technical setup and its potential to reach the $170,000 mark.
Historically, Bitcoin has shown a strong tendency to rally after rebounding from significant support levels, the 50-week Moving Average (1W MA-50).
In the current cycle, Bitcoin has successfully tested and held its support level twice, sparking a rally that recently pushed the price close to the $73,800 All-Time High (ATH).
This pattern mirrors past cycles, where a rebound from the 1-week MA50 typically preceded a significant price surge, offering a positive outlook for the weeks ahead.
The market is now focused on whether Bitcoin can break above the ATH decisively, which would confirm the continuation of the bullish trend.
The immediate level of focus is the $73,800 ATH, which stands as a key resistance point. A strong breakout above this level would likely signal the ongoing strength of the bullish momentum.
Beyond the $73,800 ATH, the next major target for Bitcoin is the 1.618 Fibonacci extension, which is projected around $170,000. This Fibonacci level, derived from the previous ATH, has historically marked a key price target during Bitcoin’s bull markets.
On the downside, maintaining support at the $70,000 level is crucial to preserving the bullish structure. A drop below this level could prompt a retest of the 1-week MA50, which currently serves as a vital support level.
Investors should closely monitor these price levels, as they will offer important clues about Bitcoin’s next move and the strength of its ongoing rally.
This bullish outlook is further supported by historical trends, particularly the tendency for Bitcoin to experience significant gains following elections. This pattern strengthens the case for continued upward momentum in the near term.
Should Bitcoin sustain its current momentum and successfully break through the $73,800, the path toward $170,000 could unfold in the coming months.
Echoing this optimistic outlook, trader Alan Santana predicts that Bitcoin could climb to $130,000, with the potential to reach between $155,000 and $200,000 by early 2025.
Furthermore, some AI models project that Bitcoin could hit $100,000 by mid-2025, adding to the growing consensus of a continued bullish trajectory
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