Trader explains the odds of Bitcoin reaching new price highs

A practicing trader and founder of the Crypto Mentors project, Nikita Semov, explains the current market situation.

After a price crash driven by broad selling, Bitcoin has fallen into a flat trading range and shows no directional momentum. We examine the primary near-term scenario for the coming weeks and ask: should we expect a new price high this year?

The uptrend structure on the daily time frame remains intact. Despite the impulsive selling, prices are still in an uptrend, so there is no need to worry about the broader prospects at the moment.

The price of breaking the upward-trend structure sits at $39 550. Only with a close below this level can we talk about a full shift in market sentiment from bullish to bearish.

Most likely, over the next month Bitcoin will move upward. This follows from the fact that the leading cryptocurrency tested a substantial value zone of $50 150–$44 250. The expectation from such formations is a continuation of the global trend.

We can see this either through a period of consolidation within the highlighted value zone followed by a breakout above it, or through uninterrupted growth in the presence of an aggressive buyer.

Talking about updating highs this year is overly optimistic, but we can reasonably approach them. To do this, one must clear a cascade of strong resistance levels: $54 350, $56 900, $59 650, $61 000 and $64 300.

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