Will Bitcoin manage a new rally to an all-time high? What analysts expect from BTC now

• Bitcoin has seen a relatively lacklustre price action in recent days and weeks, with the crypto price unable to rise towards its $40k resistance.
• Its smaller counterparts have all seen massive momentum, ETH for instance, while many smaller altcoins have also risen.
• BTC’s lack of intense upward momentum is due to the intense selling pressure it faces in the upper $30k region, with selling pressure from large whales and investors hindering growth.
• Where the cryptocurrency goes in the medium term will undoubtedly depend on the continued reaction to its overhead resistance.
• One analyst believes there is a strong possibility that BTC will break through this level in the near future, which could lead to new all-time highs.

Bitcoin and the entire crypto market are currently experiencing mixed performance. While BTC is faltering and struggling to break through its Bitcoin Circuit resistance in the upper $30,000 region, Ethereum and many altcoins are experiencing explosive rises.

This has left it somewhat unclear what BTC’s short-term fate looks like.

One analyst comments that the benchmark cryptocurrency is on the cusp of new all-time highs – but that BTC must first overcome a crucial resistance level.

Bitcoin struggles to gain momentum as resistance is strong

At the time of writing, Bitcoin is trading at $34,850, marking a massive rebound from recent lows at $30,000 reached last week.

The cryptocurrency has formed a wide trading range between these lows and its highs of around $40,000.

As long as BTC does not break out above the highs of the range at $40,000, we could continue to see relative consolidation.

Analyst: BTC could be on the cusp of new highs

One analyst now writes in a tweet that a close above a key Fibonacci level could allow bitcoin to rise to new highs.

BTC is pushing against this level; however, a rejection could take it towards the sub-$30,000 region. The analyst, referring to the chart below:

„Close above .618 – target all-time highs. Close below mid and grey zone 34k then most likely the year level retest around 28-29“

The coming days should provide investors with detailed insights into Bitcoin’s medium-term trend (Go to Buy Bitcoin Guide) – and how this trend will affect other digital assets.