Bitcoin has entered the second month of 2024 and is still trading within the same consolidation zone. The drop in volume has, however, certified a notable plunge in volatility, which suggests the price may be preparing for intensified action. Besides, the altcoins are gaining remarkable strength, due to which the BTC price action may remain concealed. Having said that, is it the end of the Bitcoin price rally? Has the token marked its interim high? Or is the token about to manifest the next course of action?
In the longer time frame, the BTC price is trading under bullish influence, which is largely visible. Besides, in the short term, the token is silently trading within a bullish pattern that has remained unrecognizable till now. With this, Star Crypto is displaying all possibilities of initiating a fresh price action, aiming to surpass the current highs.
As seen in the above chart, the Bitcoin price is trading within a decisive symmetrical triangle after breaking out of the cup & handle pattern. The price has ascended to the upper resistance and waiting for the perfect time to reach the desired target after a breakout. The RSI in the short-term is bullish which suggests the trend could remain under bullish influence. Therefore, a final rise above the resistance could trigger a healthy upswing beyond the current highs and reach $45,000.
The BTC price has been bullish recently and has a huge probability of remaining elevated for the rest of the month. As the bullish pattern is clearly visible on the chart, the pace of the previous breakout is expected to replicate, which may lift the price towards the projected highs.
