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 <p class="paragraph">Bitcoin (BTC) is currently hovering and consolidating above the $70,000 mark, partly buoyed by a slowdown in outflows from spot exchange-traded funds (ETFs). With the cryptocurrency having recently shattered two record highs within days, all eyes are on its potential for yet another historic milestone.</p>
 <p class="paragraph">In this regard, <em>TradingShot</em>, a crypto trading expert, shared insights in a <em>TradingView</em> post on March 30. According to the <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, Bitcoin’s technical indicators strongly point to a bullish immediate price <a rel="noopener noreferrer nofollow" title="target" href="https://thebittimes.com/tag/target.html">target</a> that could pave the way for a new record high of $78,000.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="572" src="https://cdn.thebittimes.com/images/2024/03/30/482fcd1ac5bd64e31b964381b667f5b5.webp" alt class="wp-image-165002" srcset="https://cdn.thebittimes.com/images/2024/03/30/482fcd1ac5bd64e31b964381b667f5b5.webp 1024w, https://cdn.thebittimes.com/images/2024/03/30/482fcd1ac5bd64e31b964381b667f5b5.webp 300w, https://cdn.thebittimes.com/images/2024/03/30/482fcd1ac5bd64e31b964381b667f5b5.webp 768w, https://cdn.thebittimes.com/images/2024/03/30/482fcd1ac5bd64e31b964381b667f5b5.webp 1093w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: TradingView</em>
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 </figure>
 <p class="paragraph">The analyst pointed out that Bitcoin is mirroring a fractal pattern observed in the S&amp;P 500 index, albeit in different time frames. While Bitcoin operates on a four-hour time frame, the S&amp;P 500 <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> is on a weekly time frame.&nbsp;</p>
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 <p class="paragraph">The <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> notes that Bitcoin is retracing toward its four-hour moving average of 50 (MA50) and is on the verge of forming a bullish cross. The analyst draws parallels with the S&amp;P 500 fractal and suggests that investors should perceive this cross as a significant buy signal. This signal, much like it was for the S&amp;P 500, initiated an aggressive rally that continues to dominate the market.</p>
 <p class="paragraph">Additionally, the comparison notes that the asset classes commenced with a bearish megaphone pattern following their respective peaks. Subsequently, they reached and maintained their moving average of 200 (MA200).</p>
 <h2 class="wp-block-heading" id="h-bitcoin-overbought-territory">Bitcoin overbought territory</h2>
 <p class="paragraph">From a Relative Strength Index (RSI) perspective, both Bitcoin and the S&amp;P 500 experienced a similar journey, with a channel-up pattern leading them to the overbought territory subsequent to an oversold double bottom formation, which acted as an additional buy signal.</p>
 <p class="paragraph">He noted that based on this <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, Bitcoin is currently in the 0.786 rejection phase. Upon completion of this pullback, the S&amp;P 500 fractal suggests that Bitcoin’s immediate <a rel="noopener noreferrer nofollow" title="target" href="https://thebittimes.com/tag/target.html">target</a> should hover around the 1.382 Fibonacci extension, culminating in a value of approximately $78,000.&nbsp;</p>
 <p class="paragraph">It’s worth noting that Bitcoin is currently maintaining its position above $70,000 after successfully avoiding a dip below the $60,000 threshold. This sustained stability is partly due to reduced outflows from most spot ETFs, coupled with anticipation surrounding the upcoming halving event.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">As of the time of writing, Bitcoin was trading at $70,180, marking gains of nearly 9% over the past seven days.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/03/30/e37d20c688ecffefbac04584ca2a5ea5.webp" alt class="wp-image-165003" srcset="https://cdn.thebittimes.com/images/2024/03/30/e37d20c688ecffefbac04584ca2a5ea5.webp 675w, https://cdn.thebittimes.com/images/2024/03/30/e37d20c688ecffefbac04584ca2a5ea5.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">In addition to the factors surrounding the upcoming halving and ETF flows, the current price of Bitcoin remains susceptible to decisions made by the Federal Reserve regarding interest rates.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/opportunity-bitcoin-s-next-immediate-target-is-a-fresh-all-time-high-tbt83993.html">https://thebittimes.com/opportunity-bitcoin-s-next-immediate-target-is-a-fresh-all-time-high-tbt83993.html</a></p>

Opportunity? Bitcoin’s next ‘immediate target’ is a fresh all-time high

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