Can Bitcoin Reclaim Its All-Time High? Analyst Points To Key Level For A Comeback

1 day ago

The Bitcoin terms has been enjoying immoderate form of resurgence implicit the past week, returning supra the important $115,000 level again. The premier cryptocurrency concisely crossed the $117,000 people connected Friday, August 8, capitalizing connected caller bullish developments successful the United States.

On Thursday, August 7, United States President Donald Trump signed an enforcement bid allowing cryptocurrency concern successful 401(k) plans. The Bitcoin terms rallied connected the backmost of this affirmative improvement and looks acceptable to proceed this ascent backmost to its existent all-time high.

Why 118,000 Might Be Crucial For Bull Run Resumption

In a caller station connected the societal media level X, salient crypto expert Titan of Crypto put forward an absorbing outlook for the Bitcoin terms implicit the coming days. According to the existent setup, the flagship cryptocurrency could beryllium connected its mode backmost to its record-high terms of astir $122,800.

Titan of Crypto highlighted that the Bitcoin terms has been connected an upward inclination since April 2025 and precocious conscionable bounced disconnected the ascending trendline. Also, the marketplace person has filled the Fair Value Gap (FVG), a liquidity void often created by a crisp question successful price.

However, the Bitcoin terms seems to beryllium approaching a captious level astir the Kijun-sen (blue line) from the Ichimoku Cloud indicator. The Kijun-sen, besides known arsenic the Base Line, often represents the market’s equilibrium and tin enactment arsenic a cardinal enactment and absorption level.

As shown successful the illustration setup above, the marketplace person has climbed backmost supra the Tenkan-sen (red line), which is an indicator of aboriginal momentum shift. Meanwhile, the Kijun-sen (hovering astir $118,000) appears to beryllium the lone obstacle successful the mode of Bitcoin returning to its all-time-high terms wrong the $123,000 region.

However, a sustained adjacent supra the “blue line” could suggest a resumption of the bull tally for the terms of BTC. Moreover, the Chikou Span (orange line), which is simply a lagging indicator, remains successful the bullish zone, supporting a broader uptrend communicative for the marketplace leader.

Bitcoin Price Overview

As of this writing, the terms of Bitcoin stands astatine astir $116,880, with nary important question successful the past 24 hours. This sluggishness does not adequately bespeak the coin’s enactment implicit the past week. According to information from CoinGecko, the premier cryptocurrency is up by much than 3% connected the play timeframe.