The king of cryptocurrencies returns to the throne: Bitcoin soars to $71,000, how much higher can it go?

Bitcoin (BTC) is the largest cryptocurrency in the market, once again surpassing the important milestone of $70,000. After a brief consolidation between $67,000 and $69,000, the price is facing strong resistance at this level.

However, the upward momentum suggests that Bitcoin may consolidate above $70,000, paving the way to retest the next resistance level at $71,300 and potentially climb to the all-time high (ATH) of $73,700 set in March.

The question remains: will BTC maintain its expected upward trend and continue to soar?

Cryptocurrency analyst Ali Martinez emphasized the importance of Bitcoin's breakout from the symmetrical triangle on the BTC/USD 1-hour chart. Assuming the breakout is sustained above the $69,330 resistance level, Martinez believes this could propel BTC to $74,400, setting a new all-time high and potentially beyond.

Martinez also emphasized that Bitcoin is currently above the +0.5σ pricing range. According to the analyst, if BTC stays above this range, it may rise and test the 1.0σ pricing range at $79,600.

Another analyst, Rekt Capital, pointed out that Bitcoin is once again at the upper range of the re-accumulation range. For Rekt, the outlook for Bitcoin remains the same, with the cryptocurrency entering its parabolic phase of the market cycle as long as the weekly closing price is above the upper range.

In addition to the analysis provided by Rekt Capital, it is worth noting that Bitcoin's recent rebound from a historical high in mid-March has shown an accelerated cycle compared to previous market cycles. Rekt Capital observed that this cycle accelerated by 260 days.

However, due to several months of consolidation, the acceleration cycle has been reduced to about 170 days. Despite adjustments, the cycle is still accelerating, and breaking through the $73,700 mark will indicate that the acceleration cycle may continue.

Market expert Crypto Con supports the view that Bitcoin will maintain a positive trajectory by the end of 2024, based on analysis of the 90-day realized profit and loss ratio (RPLR).

According to Crypto Con, the first move with an RPLR value exceeding 11 has been completed, consistent with the peak reached at the end of the previous cycle. The second peak of this indicator represents the 'true cycle top' and is expected to occur between September and January 2025.

Crypto Con further emphasizes the importance of considering the logarithmic MVRV (Market Value to Realized Value) ratio, which has attracted widespread attention in this cycle.

The logarithmic MVRV uses a convergence channel to accurately identify cycle tops and bottoms. From a data perspective, the progress of the cycle may be more advanced than it appears on the surface.

In March 2024, the price reached a level similar to the first peak of each cycle. Fortunately, Crypto Con pointed out that there is still enough room for growth before reaching the peak of the cycle.

These observations and analyses indicate that Bitcoin shows strong potential for further appreciation. Whether the cryptocurrency can break through key resistance levels and maintain its bullish momentum will determine its future direction over the next few days and whether it can surpass previous all-time highs.

The largest cryptocurrency in the current market is trading at $70,800, up 4.4% in the past seven days.

(Data Source: Ronaldo Marquez)