As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bull and bear runs. The current trajectory of Bitcoin (BTC) is reminiscent of the dot-com boom, albeit with a touch of the wild west.
Bitcoin (BTC) experts are looking at potential goals slightly lower than its current record peak of $73,679. Yet, they remind us that while the robust chart pattern after surpassing $69,000 is encouraging, the path forward could still be quite unpredictable.
According to a note from Jonathan de Wet, the chief investment officer at ZeroCap, Bitcoin appears to be exceptionally robust technologically speaking, as of October 22nd.
According to De Wet and other cryptocurrency analysts, Bitcoin has managed to break through a downward trendline from June, which suggests a potential change in its price direction.
Jelle, a pseudonymous crypto trader, shared that we had been cultivating patience for many months, with new challenges ahead on the distant horizon.
Over the past seven months, Bitcoin’s price has been disappointing to many, yet it seems to have created an opportunity for its price movement to return to a specific range, as stated by Kelly Kallam from BitLab Academy.
Short-term pullbacks a possibility, says analyst
Meanwhile, Mena Theodorou, co-founder of Coinstash crypto exchange, cautioned in a report published on October 21st that geopolitical uncertainties might lead to temporary market drops, especially following the recent turmoil in China and the Middle East.
Bitcoin has shown a downward trend in response to indications of global political tension recently. For instance, according to CryptoMoon’s report, the price of Bitcoin plummeted by approximately $4,000 on October 3, following a significant missile attack by Iran directed at various locations in Israel on October 1.
On October 21st, Bitcoin surpassed $69,000 mark for the first time since June 11th. This significant rise, according to Theodorou, suggests that the cryptocurrency market is gearing up for an exciting week ahead.
Since then, it has retraced approximately 2.80%, trading at $67,054 at the time of publication.
Chop expected before Bitcoin breaks all-time highs
According to De Wet’s explanation, if Bitcoin surpasses the $70,000 threshold (which it hasn’t done since June 7), there’s a strong possibility that it will jump up to around $72,000 in a relatively short period.
De Wet predicts that reaching a new record high of $73,679, last seen in March, might not happen smoothly. However, he remains optimistic that this milestone will be surpassed by the end of 2024, although there may be some volatility or turbulence on the path to achieving it.
“Do we get above highs prior to the end of the year? We think so.”
Theodorou pointed out that the rise has been driven by the recent boost in interest for U.S.-based spot Bitcoin exchange-traded funds (ETFs).
From October 14th to 18th, Theodorou pointed out that Bitcoin ETF buyers acquired approximately 36,500 Bitcoins. This amount, as he emphasized, surpasses the daily production of 450 Bitcoins by over ten times.
“Essentially, we’re seeing investors buying BTC exponentially faster than it can be mined.
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2024-10-22 20:47