Bitcoin (BTC) is trading higher this Wednesday (16), having reached its highest price since the end of July.
Data from CoinGecko shows that the asset registered an intraday increase above US$68,000. As a result, more optimistic traders and investors are wondering whether the current momentum could generate a new all-time high in price.
Will Bitcoin continue to rise?
The daily chart shows that Bitcoin intensified its upward movement over the past weekend when the 9-day exponential moving average (EMA) (blue) crossed above the 21-day EMA (orange). Since then, the cryptocurrency’s price has risen by over 8%.
However, it is possible that BTC could start a correction soon. This is due to two factors. Firstly, BTC is in the $68K high region, and it could form a double top reversal pattern if it fails to break above this level soon.
Additionally, the Relative Strength Index (RSI) is at the level of 70. If the price continues to rise, the indicator will enter an overbought state, which will indicate that a correction is needed.
Bitcoin (BTC) Chart on TradingView
In this sense, Fibonacci retracement can indicate how far the price can fall. Typically, corrective movements end in the 0.5 – 0.618 region. Currently, these retracement levels are at $63,585 – $62,502.
Bitcoin (BTC) Chart on TradingView
On the other hand, if the current market euphoria continues, it is possible that Bitcoin will continue to rise towards its next high at $70,200.
The article Bitcoin (BTC) Price Prediction: What to Expect Today? was first seen on BeInCrypto.
