As a seasoned crypto investor with a decade of experience under my belt, I have witnessed the ebb and flow of digital currency markets more times than I can count. The latest surge in Bitcoin’s price has me both excited and cautiously optimistic, as it reminds me of the days when we all marveled at BTC‘s journey to $20,000 back in 2017.
On October 29, the value of Bitcoin (BTC) increased by 5%, surpassing the $70,000 threshold. This surge has inspired traders to establish high expectations for the potential growth of Bitcoin in the near future.
According to statistics from CryptoMoon Markets Pro and TradingView, Bitcoin saw an increase of 5.86%, reaching a 20-week peak of $71,500 on October 29th, after initially falling to $67,541 on the same day.
As Bitcoin’s value increases, so too does its trading activity, leaping by an impressive 148%. This brings the total trading volume up to a staggering $47.5 billion at the time of this writing, almost doubling the volumes recorded on October 28th, as reported by CoinMarketCap data.
In the last day, the action triggered approximately $78 million worth of short positions being settled, possibly causing a surge in price as traders were forced to close their unprofitable wagers, according to data from CoinGlass.
“One last hurdle” for Bitcoin before new all-time highs
The continuous increase in Bitcoin’s value has caused significant levels like the $70,000 psychological threshold to potentially transform into robust support points.
In a recent post on October 29th, well-known Bitcoin analyst Jelle stated that “there’s just one more obstacle left for determining the price.
Jelle was referring to the supply zone between the $72,000 mark and the all-time high at $73,835.
Analyst Amber_D also noticed a similar trend as she observed Bitcoin being traded at approximately $71,000.
“BTC is heading back to the strong resistance zone at around $71k – $73k.”
According to CoinGlass, there are ask orders totaling over $35.7 million waiting at the $72,000 mark, emphasizing the significance of that level for bearish market participants.
Compared to the robust support Bitcoin has on its declining side, the resistance it encounters during recovery is relatively more fragile. The IOMAP (In/Out of the Money Around Price) data from IntoTheBlock reveals that the support between $66,845 and $68,948 is stronger than the resistance around $72,000, indicating a generally upward trend for Bitcoin’s price. In simpler terms, it seems Bitcoin might find it easier to move upwards rather than face obstacles on its way up.
If Bitcoin’s closing price manages to surpass the $72,000 mark significantly, it seems probable that its value could exceed its previous record high of around $74,000 set in March 2021, entering a new phase of price exploration.
BTC price breakout could result in six-figures
The remarkable progress of Bitcoin on October 28th has ignited hopeful anticipation amongst analysts, as they speculate and make estimations about how elevated the BTC price could reach throughout this particular market cycle.
Experienced trader, Peter Brandt, has pointed out that the behavior of Bitcoin’s price has offered up to three possible outcomes, stemming from two distinct chart formations: a five-month reversed ascending triangle and a longstanding trend derived from Bitcoin’s halving events.
The first one involved a measured move from the triangle with the target set at $94,000.
In this second situation, we aimed for a swing target by drawing a line between the lowest point of Bitcoin (BTC) in November 2022 and the highest point in March 2024, extending it upwards from the August 5th low. This projection suggests that BTC’s price could reach approximately $235,000. The chart below illustrates this scenario.
Brandt’s analysis revealed a striking pattern similarity between previous Bitcoin (BTC) bull market cycles, suggesting that the market’s highest point might occur around late August 2025 or early September 2025. This projected peak is estimated to fall within the price range of $130,000 to $150,000.
“The X on the chart marks the probably high date and price level.”
As an analyst going by the name Dyme, I find the $150,000 price target for Bitcoin to be a realistic possibility based on my Pi Cycle analysis.
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2024-10-29 12:00