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The path Bitcoin has traversed to reach the landmark figure of $28K can best be described as a thrilling roller coaster journey. An upswing in its market dominance has parallelled this significant rise in Bitcoin’s value. As Bitcoin hits this pivotal price point, it has not only rekindled investor interest but also sparked debates about the next potential price milestone for Bitcoin. The cryptocurrency’s ability to break through multiple resistance levels has prompted investors to establish long positions as they speculate on Bitcoin’s next upward trajectory.
Bitcoin Sets New Milestones With Its Meteoric Rise
Bitcoin’s supremacy in the crypto market is rapidly approaching a significant landmark, signaling a potential shift in market sentiment towards the pioneer digital currency.
This metric, which juxtaposes Bitcoin’s market capitalization with the aggregate value of all cryptocurrencies, has bounced back above the 50% mark and is on course to reach an even higher level.
Data from the blockchain analytics company, Santiment, reveals that since the beginning of June, whales have invested approximately $3.5 billion in the digital asset, signifying intense whale accumulation amid BTC’s recovery rally.
On-chain data from Glassnode indicates a decline in Bitcoin’s realized profit and loss, mirroring its turbulent price action in 2023 and struggles around the $26,000 mark. This drop, similar to October 2020 levels, suggests a bullish outlook as reduced selling pressure and a decrease in market supply could allow for price rebound and demand growth.
The last such dip in 2020 initiated a bull market, with Bitcoin’s value soaring from $11,000 to over $30,000 within months. Bitcoin could potentially touch above $40,000 within a month if history repeats, assuming sustained bullish momentum.
What’s The Next High After $28K?
For the past few weeks, Bitcoin has been undergoing a correction within a downward channel pattern. The 20-day EMA at $26,788 is leveling off, and the RSI has reached the overbought region, suggesting a potential decrease in selling pressure. Buyers will likely attempt to drive the price towards the next resistance line, a crucial point for bears to maintain, as a breach could initiate a new upward trend.
As of writing, BTC price trades at $27,900, surging over 3.6% in the last 24 hours. If Bitcoin now witnesses further buying pressure and breaks above $28,377, it may surge higher and reach final resistance at $29,887, a level that sellers will try to defend.
On the other hand, if the price faces turmoil near $28K and experiences a selloff, it would imply that bears are persistently selling during rallies. Consequently, Bitcoin’s price may revisit the robust support zone between $25,650 and $24,800.
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