I see a long term pattern here. The vertical yellow lines represent halving event dates, spaced about 4 years apart, which seem to be good buy zones. About 14 months before a halving event also seems like a good buy area. The vertical red lines represent bitcoin bull market peaks, spaces about 4 years apart, which are sell areas.

Correct me if I'm wrong, but take a look at the long green arrows. They follow periods where bitcoin had some significant peaks, but those peaks were not even close to how big they were in late 2013 and late 2017.

If the price breaks above this green upper trend line to the upside, which also happens to be right at the all time high as of today, wouldn't there be a huge FOMO-powered rally that drove bitcoin prices to unprecedented levels? But what could cause this rally to happen? The lack of buy volume from retail investors is slowing the ascent of bitcoin prices today as well, but I think some institutional investors are starting to realize the potential of bitcoin as a safe haven from both stocks and the U.S. Dollar. Once the Institutional money jumps into the bitcoin boat, the retail investors will follow their lead. The could all be very easily manipulated too. Like a MASSIVE bitcoin pump and dump.

I'm not really sure what the reason was for the latest jump from $40k to $58k, but I do smell a big pump coming out of nowhere.

I called the drop from $55k-60k range earlier in the year. My price target was around $30k, which turned out to be a fairly significant support zone .
So I think I should have some credibility here. Although this price target does probably seem extraordinarily high, I do think bitcoin will at least reach $120k by early 2022. That is almost a given if the price breaks the all time high soon.

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Factors favoring the alternative bearish scenario of a drop from here to the $30k support line by early 2022: 50 week logarithmic bollinger band is starting to pinch, the resistance at the all time high, and just the fact that the U.S. stock market and generally all markets around the world today are extremely overvalued according to many different metrics. Bitcoin is not an exclusion to this phenomenon. Bitcoin is still in its early stages and is considered a risk asset by many. The Federal Reserve beginning to taper its asset purchases and possibly raising interest rates as early as 2022 is also cause for concern. Bitcoin has risen substantially since the second half of 2020 (about 500%), and has is currenly 100% above the nearest support level of $30k.