The Bitcoin bull run has begun. The rally gained immense bullish momentum, which propelled the price above $65,000, forming new yearly highs. With this, the possibility of reaching the current ATH of $68,789.63 emerges, which is just 5% away from the current levels. Now the question appears whether the path towards the new ATH will be effortless for the BTC price or whether the bears may cause some hindrance by restricting the levels below $68,000.
The BTC price has witnessed a significant surge of more than $13,000 in the past week after rising from consolidation to around $52,000. Besides, in the long term, the BTC price appears to be trading within a massive ascending channel ever since it hit the highs of the previous bull run. The average levels of the channel acted as important levels, which often offered strong resistance or support levels, depending on the trading conditions.
So what’s coming next for the Bitcoin (BTC) price rally?
The current trade setup for Bitcoin points out two possible scenarios for the star crypto, either a continuation of an upswing followed by a minor pullback or else a pullback followed by a major breakout. As the BTC price is trading very close to its ATH, a higher possibility of the price breaking its ATH first emerges. This could be followed by a pullback back to $50,000 to $55,000 levels, which could be a game plan to trap the bears as a bullish rebound to $100,000 appears to be programmed.
On the contrary, the major chances of a pullback also appear high, as the BTC price is trading within one of the final and major resistance zones. As the bulls have been trapped within this region for over a couple of years, there is a higher possibility of them liquidating. This may cause the price to plunge back towards the local support at the average levels of the channel, just below $50,000, followed by a bullish breakout beyond $100,000.
Collectively, Bitcoin’s (BTC) price appears to be on track to achieve $100,000, either in the next few weeks or months. If it is achieved in the next few weeks, a massive pullback may occur later, however, if the token experiences a pullback now, then the rally may become unstoppable later.
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