2024

Bitcoin

when

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 <p class="paragraph">Bitcoin (BTC) again retraced from its current price range’s resistance back to $67,000 and now trading at $68,300. However, the leading cryptocurrency has been building strong momentum that could soon pay off with a possible range breakout.</p>
 <p class="paragraph">This 3-month price range, particularly, has built support at $60,000 and resistance at $72,000, with two deviations. The first deviation led to new highs at $73,805, upwards, while the second reached slightly above $56,500, downwards.</p>
 <p class="paragraph">Nevertheless, BTC has managed to keep trading above its 30-day exponential moving average (30-EMA) at $66,628 since May 15. The daily relative strength index (RSI) also marks a neutral-to-strong 55.09, which could fuel a potential breakout soon.</p>
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   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="662" src="https://cdn.thebittimes.com/images/2024/05/31/005693cd5970ea0daf54205de65c8627.webp" alt="" class="wp-image-179754" srcset="https://cdn.thebittimes.com/images/2024/05/31/005693cd5970ea0daf54205de65c8627.webp 1024w, https://cdn.thebittimes.com/images/2024/05/31/005693cd5970ea0daf54205de65c8627.webp 300w, https://cdn.thebittimes.com/images/2024/05/31/005693cd5970ea0daf54205de65c8627.webp 768w, https://cdn.thebittimes.com/images/2024/05/31/005693cd5970ea0daf54205de65c8627.webp 1536w, https://cdn.thebittimes.com/images/2024/05/31/005693cd5970ea0daf54205de65c8627.webp 1875w" sizes="(max-width: 1024px) 100vw, 1024px">
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   BTC/USD daily chart. Source: <em>TradingView</em> / Finbold
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 <h2 class="wp-block-heading" id="h-bitcoin-price-target-82-000-if-the-power-of-three-<a rel=" dofollow title="pattern" href="https://thebittimes.com/tag/pattern.html" rel="noopener noreferrer nofollow">pattern-<a rel="noopener noreferrer nofollow" title="plays" href="https://thebittimes.com/tag/plays.html">plays</a>-out"&gt;Bitcoin price target $82,000 if the ‘Power of Three’ <a rel="noopener noreferrer nofollow" title="pattern" href="https://thebittimes.com/tag/pattern.html">pattern</a> <a rel="noopener noreferrer nofollow" title="plays" href="https://thebittimes.com/tag/plays.html">plays</a> out</h2>
 <p class="paragraph">In this context, the prominent crypto and stock trader who goes by <em>Jelle</em> on X is bullish on new <a rel="noopener noreferrer nofollow" title="highs" href="https://thebittimes.com/tag/highs.html">highs</a>. <em>Jelle</em> recently made a series of Bitcoin-related posts highlighting the strong momentum that could drive BTC to $82,000.</p>
 <p class="paragraph">Notably, the first <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> shows what he called “the power of the three” <a rel="noopener noreferrer nofollow" title="pattern" href="https://thebittimes.com/tag/pattern.html">pattern</a>. As observed, Bitcoin previously went through a consolidation, followed by a downward deviation and a price rally to new <a rel="noopener noreferrer nofollow" title="highs" href="https://thebittimes.com/tag/highs.html">highs</a>.</p>
 <p class="paragraph">According to Jelle, we are now somewhere in the middle of the third phase, when he expects Bitcoin to break from the consolidation range to new <a rel="noopener noreferrer nofollow" title="highs" href="https://thebittimes.com/tag/highs.html">highs</a> at around $82,000.</p>
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  <p class="paragraph">“History does not repeat, but it often rhymes. It’s time for the Power of Three to make its way towards the target: $82,000. Go time, next week.”</p> <cite>– Jelle (@CryptoJelleNL)</cite>
 </blockquote>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="631" src="https://cdn.thebittimes.com/images/2024/05/31/8197ac5a18ea6dd2b8110ecb86c61375.webp" alt="" class="wp-image-179757" srcset="https://cdn.thebittimes.com/images/2024/05/31/8197ac5a18ea6dd2b8110ecb86c61375.webp 1024w, https://cdn.thebittimes.com/images/2024/05/31/8197ac5a18ea6dd2b8110ecb86c61375.webp 300w, https://cdn.thebittimes.com/images/2024/05/31/8197ac5a18ea6dd2b8110ecb86c61375.webp 768w, https://cdn.thebittimes.com/images/2024/05/31/8197ac5a18ea6dd2b8110ecb86c61375.webp 1536w, https://cdn.thebittimes.com/images/2024/05/31/8197ac5a18ea6dd2b8110ecb86c61375.webp 1965w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Bitcoin price chart – The Power of the Three pattern. Source: Jelle / X
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 <p class="paragraph">Interestingly, the next two posts highlight a falling wedge breakout and an overall breakout from key levels <em>Jelle</em> was watching. The trader believes that $72,000 is the remaining piece Bitcoin has to overcome for a bullish run upwards.</p>
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    <p lang="en" dir="ltr">All levels have been broken, and the hidden bullish divergence has locked in.<br><br>Break $72,000, and this takes off — hard.#Bitcoin pic.twitter.com/L77gNMEWM1</p>— Jelle (@CryptoJelleNL) May 31, 2024
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 <p class="paragraph">However, the maiden cryptocurrency has a few challenges to overcome moving forward. Other traders have already started drawing their exit strategy as retail investors jump in with positive price action. Meanwhile, Mt. Gox has finally started moving its creditor’s 10-year dormant funds, totaling $10 billion that will flood the market throughout this year.</p>
 <p class="paragraph">Furthermore, Jelle warned cryptocurrency traders about a “once in a few years golden opportunity” with altcoins, which could play out when BTC breaks out.</p>
 <p class="paragraph">Traders and investors must be cautious, do their due diligence, and apply proper risk management to avoid meaningful losses.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> 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/bitcoin-could-hit-new-highs-at-82-000-if-this-pattern-plays-out-tbt90674.html">https://thebittimes.com/bitcoin-could-hit-new-highs-at-82-000-if-this-pattern-plays-out-tbt90674.html</a></p>

Bitcoin could hit new highs at $82,000 if this pattern plays out

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