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A crypto analyst has disclosed that the Bitcoin price has reached a critical trigger point that could ignite a massive rally. If the cryptocurrency manages to hold above this key threshold, the chances of setting a new all-time high become increasingly likely.
Bitcoin Price Faces Resistance On Path To New ATH
On March 25, a TradingView crypto expert identified as ‘Cryptorphic’ shared a Bitcoin price analysis on a 4-hour timeframe chart from Binance. The analyst stated that BTC has settled at a bullish trigger point—a key resistance zone that has historically been a major barrier for the pioneer cryptocurrency and could determine its next price move.
According to the analyst’s chart, Bitcoin attempted to break above this critical resistance point at $91,375 but was faced with a rejection. Given its ongoing struggle at this price level, the cryptocurrency will require a significantly stronger and larger momentum to break through decisively.
Cryptorphic highlights that if the price of BTC stays below the resistance level, the trajectory of the market will remain uncertain, possibly leading to additional struggle in altcoins. However, a clear breakout from this bullish trigger point could ignite a strong uptrend, reversing Bitcoin’s recent price declines.
Notably, the analyst’s chart shows that Bitcoin has been forming an Ascending Wedge, a pattern that can either lead to a price breakout or breakdown. Bitcoin’s price is currently at the upper boundary of this Ascending Wedge pattern, aligning with a long-term descending trend line that represents the aforementioned resistance level and bullish trigger point.
As said earlier, a breakout above this area could trigger a rally, with the possibility of reaching $109,588 and surpassing previous ATHs. Earlier this year, the BTC price hit a new ATH of about $109,036 on Donald Trump’s US Presidential Inauguration Day on January 20, 2025. The historic price surge was driven by the excitement and market sentiment surrounding Trump’s political campaign, with expectations of policy shifts and more favorable crypto regulations.
If Bitcoin follows the trajectory of the Cryptorphic’s analysis and reaches $109,588, it would represent a 0.5% increase from its current ATH and a 24% surge from its present market value of $88,218.
BTC Bearish Case Scenario
While Cryptorphic remains optimistic that Bitcoin could reach a fresh ATH this bull cycle, the analyst also outlined a bearish scenario, warning that another rejection at the $91,375 resistance level could trigger a deeper price correction. The TradingView expert highlighted several price levels that could act as an important support area for Bitcoin.
If BTC retraces from the resistance level, the $85,076 and $82,360 price levels are expected to provide support. Stronger support lies around $76,606, which would be the next key level in the case of a stronger pullback.
Featured image from Unsplash, chart from Tradingview.com
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