Bitcoin could hit $70,000 before setting new all-time high

Bitcoin's (CRYPTO:BTC) price recently surged past $63,000, sparking speculation that it could reach a new all-time high by the end of 2024.

Several on-chain metrics suggest Bitcoin remains undervalued, fueling further bullish momentum.

The Realized Cap metric, which calculates the total acquisition cost of circulating Bitcoin, stands at $624.24 billion, while Bitcoin's market cap has reached $1.25 trillion.

This gap signals potential for higher prices in the coming months.

Crypto analyst Michaël van de Poppe shared his optimism on social media platform X, saying, "Bitcoin is following the plan! I’m looking to see whether $66K is the next resistance and a pullback afterward. Overall, I assume we’ll see a new ATH in October."

According to him, Bitcoin could hit a new all-time high as early as next month.

The Realized HODL (RHODL) ratio, a metric that gauges whether Bitcoin is overbought or oversold, supports the outlook for further price growth, indicating that Bitcoin is not yet overheated.

Technical indicators also back continued bullish momentum.

Bitcoin has risen above key Exponential Moving Averages (EMAs) for the first time since August, with the 20, 50, and 200-day EMAs all below the current price.

Additionally, the Relative Strength Index (RSI) is showing signs of strong momentum.

Analysts predict that if Bitcoin maintains its upward trend, it could reach $70,025 in the coming weeks.

A breakout above $73,750 would pave the way for a new all-time high before the year ends.

However, if Bitcoin faces resistance at $65,200, it may experience a pullback to $57,389 before attempting higher prices again.

The upcoming months are expected to be crucial for Bitcoin's price trajectory.

At press time, the Bitcoin price was $62,979.86.