Bitcoin has been showing strong signals of reaching a new all-time high, according to seasoned trader and market analyst Jake Wujastyk.

With the current price hovering around $67,578, the leading cryptocurrency has experienced a modest 0.8% rise in the last 24 hours. 

Over the past year, Bitcoin’s value has surged by an impressive 204%, indicating a robust bullish trend. 

Bitcoin’s V-shaped recovery 

Bitcoin recently underwent a V-shaped recovery, bouncing back swiftly from a sharp decline that accompanied a broader cryptocurrency market downturn. 

This recovery led to a consolidation phase, where the price stabilized in a specific range before preparing for another potential upswing. 

According to Yann Allemann, co-founder of analytics firm Glassnode, Bitcoin’s price movement has formed an ABC pattern during this consolidation. 

V-Recovery – and onwards towards new ATHs

Yesterday, #BTC took a deep dive (with rest of Crypto). This happened after BTC hit ATH.

In fact, it was a part of the ABC-CORRECTION, which retested the former CONSOLIDATION TRIANGLE.

The level around 59-62K has now gotten new… pic.twitter.com/uCWMTFcvyH — 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) March 6, 2024

This hints at a strong foundation for further upward momentum. Currently, Bitcoin is aiming for the $66,000 mark, with predictions of reaching up to $76,000 in the near future.

Bitcoin’s market cap hits new highs

Amidst these price fluctuations, Bitcoin’s market capitalization has reached a new all-time high of $1.33 trillion. 

This milestone shows growing investor confidence and the increasing adoption of Bitcoin as a viable asset class.

Over different timeframes, Bitcoin has showcased significant growth, adding an impressive 11.6% over the past week. 

The fortnightly and monthly gains stand at 30.8% and 56.5%, respectively, underscoring the strong upward trend Bitcoin has maintained over these periods.