As a seasoned analyst with over two decades of experience in financial markets, I’ve seen my fair share of bull and bear runs, market corrections, and breakouts. The recent surge of Bitcoin past $64,000 is reminiscent of the excitement that precedes a potential breakout, much like watching a coiled spring about to be released.
For the initial time since October 7th, the value of Bitcoin (BTC) has soared above $64,000, leading cryptocurrency experts to hypothesize that this could mark a significant turning point in the market that investors have been expecting throughout October.
$70K the price level before Bitcoin will “break loose”
Despite Bitcoin reaching $64,000 not signifying new record highs or long-term peaks, this development has shifted the perspective among Bitcoin analysts who were concerned following its drop to $59,000 on October 10. This change in sentiment is particularly notable as October typically represents one of Bitcoin’s strongest months historically.
According to Dan Tapiero, the founder of 10T Holdings, it seems that Bitcoin is almost at a critical point following its rise above $64,000, marking a 3.16% increase from the previous day on October 13th.
According to Tapiero’s prediction, if Bitcoin manages to reach prices not seen in approximately the last four months, it could potentially soar to uncharted heights – a development that many traders are eagerly anticipating in the fourth quarter of 2024.
As I observed, we’re inching closer to the significant milestone of $70,000 for Bitcoin. If this level is breached, it could potentially trigger a substantial surge, much like what happened on June 6th when the price peaked at $71,082.
As an analyst, I noticed that Bitcoin’s price seems to be winding up, much like a spring being tightly coiled. This pattern, commonly referred to by traders as ‘coiling’, suggests that the asset’s price has been narrowing into a confined range. Historically, such patterns can signal a potential breakout could be imminent.
Additionally, the rise in Bitcoin prices today has caused October’s performance to turn positive once more, as Bitcoin has increased by 2.48% since the beginning of this month.
Bitcoin’s “summer lull” behind us
In agreement with a hidden crypto trader named Jelle, there’s a strong belief that the prolonged period of Bitcoin remaining stable is about to conclude.
After the Bitcoin halving in April 2021, its price has been fluctuating between approximately $58,000 and $72,000.
In his October 14 post on X, Jelle stated that there were two consecutive lower price points (higher lows), followed by a still higher price point (higher high), and prices are now attempting to reach even higher levels again.
“Summer lull is behind us. Let’s have some fun,” they added.
At the same time, crypto trader Matthew Hyland noted that the 10-day moving average of Bitcoin‘s price, which represents the average cost over the past ten days, seems to be rising.
“80%-90% of the time in 2024 when the 10 SMA was moving up, BTC price moved up,” Hyland added.
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2024-10-14 16:10