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#BTC stands on $52K, bull run coming? Bitcoin has sustained an impressive upward momentum in the past few days, aiming to reach new all-time highs as the halving event approaches.Bitcoin to Follow Cycle Towards All-Time High (ATH)
Bitcoin is currently trading around the $52,000 mark, a crucial price level that could confirm the continuation of the upward trend. The cryptocurrency has formed a rounded bottom pattern on the weekly chart, with buyers potentially targeting the neckline at $69,220, aligning with the all-time high reached in November 2021.
A weekly candle closing above this level would confirm a breakout from the rounded bottom pattern, propelling BTC to new highs. Bitcoin's Relative Strength Index (RSI) has entered the overbought zone, approaching the 80-point mark, reinforcing the dominance of the bullish camp in the market.