Bitcoin Rises Above $70K Again: Expert Points To Pattern Signaling Major Breakout

Bitcoin BTC/USD bulls charged into the new trading week, with the world’s most popular cryptocurrency breaking above the $70,000 mark on Monday, for the second time in its history. This rally comes just days after Bitcoin had previously soared to a new all-time high, only to subsequently slump back to the $60,000 levels.

This bullish sentiment in the crypto market comes as the industry prepares for Benzinga’s Future of Digital Assets conference scheduled for Nov. 19, 2024.

The conference is poised to gather leading figures and enthusiasts from the digital assets space, offering a platform to discuss the evolving landscape and future prospects of cryptocurrencies

Also Read: Forget What You Know About The Bitcoin Halving: Here’s Why This Cycle Could Be Wild

Analyst Bullish On Bitcoin’s Short-Term Prospects

Crypto strategist Kevin Svenson, highlighted a potential turning point for Bitcoin on the four-hour chart. Svenson identified a possible “inverse head and shoulders” pattern, which he interprets as a bullish signal suggesting a reversal in momentum and increased demand.

With Bitcoin successfully retesting a key resistance level and finding support, Svenson predicts a further rally towards $76,000.

He also points to a bullish signal on the Moving Average Convergence Divergence (MACD) indicator, which measures momentum in the market.

“Bitcoin bullish daily close,” Svenson stated. “We closed above the resistance trend. MACD histograms starting to show positive momentum returning.”

The surge in Bitcoin’s price underscores the continued volatility and growth potential within the cryptocurrency market.

Investors seeking to gain deeper insights into the future of digital assets can attend the Benzinga’s Future of Digital Assets conference on Nov. 19.

Read Next: NFTs Get Divided: New Standard Promises Fractional Ownership

Image created using artificial intelligence with Midjourney.