Bitcoin Price Hits New All-Time High as Donald Trump Odds Surge
What's Next After BTC All-Time High? | Credit: Veronica Cestari
Key Takeaways
- The Bitcoin (BTC) price reached an all-time high on Nov. 6.
- It took 237 days to break the previous Bitcoin all-time high.
- What’s the next target, and when will the Bitcoin price reach it?
Bitcoin had corrected since its March all-time high of $73,777. The correction was contained inside a descending parallel channel with extremely choppy movement.
However, BTC started its final upward movement on Aug. 5 and accelerated its slope after creating two higher lows. On Nov. 6, the Bitcoin price reached a new all-time high of $75,000.
Let’s analyze the Bitcoin price action and see the next target and when the price can reach it.
Bitcoin’s All-Time High
In addition to the breakout, the long-term wave count implies the increase will continue. The count suggests that Bitcoin started the fifth and final wave (white) of its rise in August.
The count gives a target range of $85,100 – $88,800. The 1.61 external Fibonacci retracement of wave four (black) creates the lower boundary of the range. The upper boundary is created by giving wave five 0.618 times the length of waves one and three combined (white).
The ascending parallel channel that connects waves two and four can help determine when BTC will reach the high. The channel’s midline aligns with the target in March (black circle).
Aligning this with our target, the high may be reached in March (black circle).
If wave five extends, the Bitcoin price can reach a high near $107,168 – $113,278. The 2.61 external Fibonacci level gives the upper boundary, while the lower one is found by giving wave five the same length as waves one and three combined.
The same parallel channel suggests this high will be reached in July.
Technical indicators support this upward movement. This is especially visible in the Moving Average Convergence/Divergence (MACD), which has made a bullish cross in positive territory. This happened last at the beginning of wave three and led to the previous all-time high.
The Relative Strength Index (RSI) is also above 50 and increasing, corroborating the positive MACD reading.
Next Target Near $88,000
The Bitcoin price reached a new all-time high on Nov. 6. The price action, wave count, and indicator readings all suggest the upward movement will continue.
The first target range for the high is between $85,100 – $88,000, while the second is between $107,168 – $113,278.
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