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📈 Bitcoin Targets New Highs 

Word On The Street: Bitcoin’s price is currently sitting just 14% below its all-time high, and the market conditions are signaling potential targets of over $80,000.

However, when adjusted for inflation, reaching a new all-time high (ATH) of $100,000 may not be as impressive as it seems.

The details:

• Even if BTC hits the $100,000 mark, its purchasing power will “barely” exceed what it was worth at the 2021 ATH.

• Adjusting for inflation would place the 2021 ATH price at around $83,000 in today’s dollars.

• If Bitcoin successfully breaks through the $65,000 resistance, it could set the stage for a new uptrend characterized by higher highs and higher lows.

Why it matters: Inflation-adjusted figures may temper excitement over a $100,000 Bitcoin, the current setup and market conditions point toward bullish momentum.

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Reports from our analysts today:

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TRADERS CORNER
🤩 Bitcoin Technical Analysis

Bitcoin is trading around $63,183.82, which is close to the middle Bollinger Band (VWAP line at $63,356.57). The price is slightly below the VWAP, which could indicate a slight bearish momentum as the price has been rejected from the upper band and is moving downward.

Trend Analysis:

The chart displays a recent attempt by Bitcoin to break above the upper Bollinger Band, but it has been rejected and is now retracing back toward the middle band. This suggests that while buyers attempted to push the price higher, they faced strong resistance near $63,659.57, leading to a pullback. The increasing volume before the rejection indicates that while the uptrend had strength, sellers are starting to take control in the short term. The price now consolidates around the middle band, showing indecision between buyers and sellers.

Support and Resistance:

- Resistance: The upper Bollinger Band at $63,659.57 serves as the immediate resistance level. If Bitcoin breaks above this, the next potential resistance could be at $64,000, a psychological barrier that may see further selling pressure.

- Support: The closest support is the middle Bollinger Band around $63,356.57. If Bitcoin falls below this, the next significant support is the lower Bollinger Band near $63,053.58, where buyers could step in to prevent further downside.

Potential Scenarios:

Bullish: If Bitcoin manages to hold above the middle Bollinger Band and gains bullish momentum, it could make another attempt to break through the $63,659.57 resistance level. A successful breakout above this could push the price toward $64,000. Increased volume would support this scenario, as it would indicate renewed buying interest.

Bearish: If Bitcoin fails to maintain its position above the middle Bollinger Band and slips below $63,053.58, we could see further downside, potentially targeting the next support zone around $62,800. Given the rejection at the upper Bollinger Band, continued selling pressure could lead to a short-term downtrend.

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