Bitcoin: Why $34k is the next target for bulls

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

The price action of Bitcoin [BTC] from earlier this year showed that Bitcoin could climb to $34k later this year. Trading volume and market sentiment could impede progress, but the tides have already begun to shift.

Read Bitcoin’s [BTC] Price Prediction 2023-24

The US Federal Reserve’s decision to pause interest rate hikes was received well in traditional markets. Furthermore, Bitcoin spot ETF applications boosted sentiment, although the SEC’s lawsuits against some of the largest players in the market gave investors some cause for concern.

Source: BTC/USDT on TradingView

The 2020/2021 bull run saw BTC prices rise by more than 500%. A 13% move higher from $30k to $34k can’t be termed a bull run, but it would certainly establish the $16k area as a long-term bottom.

Before we get ahead of ourselves it must be noted that trading volume has been underwhelming since April. The $30k area is a significant psychological and technical resistance.

But, if the recent strength continues, such a move upward might be possible. The daily timeframe structure break was seen on 20 June. Bitcoin exploded higher on 21 June to break past another lower high at $28.5k.

This established a strong bullish structure, and a higher low in the coming weeks would indicate an uptrend. This higher low could happen at the bullish breaker block in the $27k-$28k area after a pullback. To the north, the 100% Fibonacci extension level (yellow) at $34.2k was the next target.

The Fibonacci extension levels from the early 2023 rally climbed just past the 61.8% extension level at $30.7k before a drop. The current rally