The recent bullish movement of Bitcoin (BTC) in February is leading towards reaching a new all-time high, according to current trends and predictions made by expert crypto traders. These traders have successfully forecasted the price movement of BTC in February, resulting in significant gains.
Anticipated Price Increase Based on Deviation
InmortalCrypto identified a deviation below a crucial horizontal support area in a Bitcoin chart on February 7. By analyzing historical occurrences of similar deviations, he accurately anticipated a substantial increase in the BTC price following this deviation. This prediction was further supported by Dentoshi, who utilized a shorter-term chart to present a comparable outlook, both of which aligned with the subsequent market movement. Additionally, Will Clemente also foresaw an increase in the BTC price and suggested that unexpectedly high earnings from Coinbase could serve as a catalyst for this surge.
The BTC price has been on an upward trajectory since January 23, rebounding from a deviation below the $40,000 horizontal support area. Contrary to expectations of a breakdown, Bitcoin reclaimed this area within three days and has since gained momentum. The current price movement bears resemblance to a five-wave increase, potentially indicating that BTC is currently in the fifth and final wave of this upward trend.
Identifying Resistance and Support Levels
By utilizing Fibonacci levels from the previous decrease, the next resistance level is estimated to be at $65,900, approximately 10% above the current price. Conversely, the nearest support level lies at $55,500, about 6% below the current price, providing key insights for traders and investors.
Impending Approach to All-Time High
DamskoTrades presented a unique perspective on the BTC price movement, drawing parallels between Bitcoin and the prices of tech giants like Google and Meta. This comparison highlighted a fractal pattern indicating that BTC is likely to exceed the middle of its trading range and approach its highest range. Since surpassing the mid-range, the BTC price has surged significantly, nearing the final resistance before a potential all-time high of $60,000.
A breakthrough past this resistance level could lead to a 16% jump to reach the all-time high target of $69,000. Conversely, a rejection at this level may trigger an 18% decline towards the closest support level at $48,600. Subsequently, a decline of at least 12% and potentially up to 19% to the 0.5 or 0.618 Fib retracement support levels is anticipated.
Despite the bearish BTC price predictions, a decisive close above the 0.618 Fib retracement resistance at $44,900 would signal the completion of the correction. This achievement could pave the way for a 16% increase, propelling Bitcoin back towards its previous high of $49,000.
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