Bitcoin gives bulls final entry opportunity before BTC explodes to $77,000

Bitcoin price action shows its weekly Ichimoku chart to be in the most bullish position it has been in since the week of July 31^st, 2021. Thus, bulls are positioned perfectly to see Bitcoin rally to $77,000 and beyond.

Bitcoin price ready to pop, $67,000 final best buy opportunity before six-digit Bitcoin

Bitcoin price is locked and loaded for a monster move higher. On the weekly Ichimoku chart, every single condition necessary for an Ideal Bullish Ichimoku Breakout is present. The current close is above the Cloud, the Tenkan-Sen and the Kijun-Sen. Future Span A is above Future Span B. And, most importantly, the Chikou Span is above the candlesticks and in open space.

The first breakout target for Bitcoin is the 161.8% Fibonacci expansion level at $77,000. From there, Bitcoin would likely initiate a retracement to test the Tenkan-Sen if a big enough gap exists. Above $77,000 is another 161.8% Fibonacci expansion (derived from a logarithmic measurement) at $103,000.

While the current technical conditions of Bitcoin are incredibly bullish, buyers should be aware of the growing and expanding gap between the weekly candlesticks and the Tenkan-Sen. The following weekly candlestick will likely see the Tenkan-Sen slope higher, reducing the existing gap somewhat. But the further Bitcoin travels away from the Tenkan-Sen, the more likely a violent mean reversion correction could occur.

BTC/USD Weekly Ichimoku Chart

A double-top at $66,000 could act as a source of near-term resistance. The current outlook would be invalidated if sudden and unexpected selling pressure were to push Bitcoin below the Tenkan-Sen at $54,250. Total nullification of any bullish sentiment will be complete if Bitcoin moves below the weekly Cloud at $35,000 – an improbable, but possible event.