Bitcoin Price Forecast: Analyst Warns BTC Amid Major Breakout as Resistance Weakens
Bitcoin
bull run
Price Prediction
Although Bitcoin couldn’t hold above 69,000, one analysts believes a breakout is still in play.
Last updated:
October 21, 2024 12:26 EDT
Junior Content Creator
Harvey Hunter
Junior Content Creator
Harvey Hunter
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Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
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Last updated:
October 21, 2024 12:26 EDT
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Over the past 24 hours, the Bitcoin price has made another key advancement, pushing past the resistance at $69,000, though it has since retraced.
One
analyst
, however, thinks the push could go much further, noting a breakout from a multi-month downtrend in its early stages.
This surge adds to Bitcoin’s recent strides, up 10.23% since last Monday.
The much-heeded “Uptober” sentiment seems to be living up to its promise with this late-month breakthrough, as
altcoins
ride the wave alike.
Indeed, Bitcoin appears to be a hot commodity among investors.
Trading volume has doubled over the past 24 hours, nearing $28 billion. Meanwhile,
Bitcoin futures have hit an all-time high
of $40.5 billion – investors seem to be committed to this uptrend.
Analyst Cautions Major “Retest” in Progress
In an ongoing string of X posts, influential pseudonymous trader Rekt Capital highlighted significant developments on the Bitcoin chart, highlighting a critical inflection point.
BTC / USDT 1W chart, descending channel breakout retest. Source:
Rekt Capital / X
.
Bitcoin is currently vying to validate a breakout from a seven-month consolidation range after surpassing the resistance of its upper bound.
While the analyst expressed optimism this resistance could flip to provide new support, they cautioned that the Bitcoin price could “dip just a little bit deeper into the general green area for additional buy-side liquidity” to steady its footing.
Though this does leave room for a false flag, his takeaway was bullish, proclaiming that the downtrend was “finally over” with a decisive weekly close out of the range.
Zooming out, the analyst noted this as one chapter in a wider bullish narrative. Citing past halving cycles, they suggested that Bitcoin is likely to see higher prices, with the bull market not even halfway through.
Following this historic trend,
they set a price target
, projecting a zone between $80,000 and in excess of $160,000, exclaiming, “We will be there.”
Bitcoin Price Analysis: How High Can the Breakout Go?
Although Rekt Capital sets a strong case for Bitcoin’s long-term appreciation, his analysis begs the question of how high Bitcoin can really go.
Upon closer inspection, the Bitcoin price chart seems to heed answers, revealing that this multi-month downtrend may be a consolidation zone within a wider bullish flag pattern.
BTC / USDT 1W chart, bullish flag pattern breakout. Source: Binance.
This represents a temporary pause in a prevailing sharp uptrend, suggesting that Bitcoin could enter a parabolic rally with a target of around $86,000 if the pattern materializes – potentially by the year’s end.
While the breakout has been met with a correction, the analyst’s hypothesis seems credible, with a potential bottom as low as the $66,500 mark before Bitcoin holds steady.
Most notably, the MACD line has affirmed a crossover above the signal line with last week’s close, a move which, historically, has led to significant upticks in the Bitcoin price. This may just be a cooldown for Bitcoin before it mounts its next rise.
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