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Bitcoin (BTC) has been showing strong signals of reaching a new all-time high, according to seasoned trader and market analyst Jake Wujastyk.
With the current price hovering around $67,578, the leading cryptocurrency has experienced a modest 0.8% rise in the last 24 hours.
Over the past year, Bitcoin's value has surged by an impressive 204%, indicating a robust bullish trend.
Bitcoin's V-shaped recovery
Bitcoin recently underwent a V-shaped recovery, bouncing back swiftly from a sharp decline that accompanied a broader cryptocurrency market downturn.
This recovery led to a consolidation phase, where the price stabilized in a specific range before preparing for another potential upswing.
According to Yann Allemann, co-founder of analytics firm Glassnode, Bitcoin's price movement has formed an ABC pattern during this consolidation.
V-Recovery - and onwards towards new ATHs π
β π‘π²π΄π²π»ππΏπΌπ½πΆπ° (@Negentropic_) March 6, 2024
Yesterday, #BTC took a deep dive (with rest of Crypto). This happened after BTC hit ATH.
In fact, it was a part of the ABC-CORRECTION, which retested the former CONSOLIDATION TRIANGLE.
The level around 59-62K has now gotten new⦠pic.twitter.com/uCWMTFcvyH
This hints at a strong foundation for further upward momentum. Currently, Bitcoin is aiming for the $66,000 mark, with predictions of reaching up to $76,000 in the near future.
Bitcoin's market cap hits new highs
Amidst these price fluctuations, Bitcoin's market capitalization has reached a new all-time high of $1.33 trillion.
This milestone shows growing investor confidence and the increasing adoption of Bitcoin as a viable asset class.
Over different timeframes, Bitcoin has showcased significant growth, adding an impressive 11.6% over the past week.
The fortnightly and monthly gains stand at 30.8% and 56.5%, respectively, underscoring the strong upward trend Bitcoin has maintained over these periods.