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Cryptocurrency News Articles
Bitcoin (BTC) Price Prediction: Will BTC Retest Its All-Time Highs?
Oct 02, 2024 at 08:03 am
Bitcoin has been navigating a phase of consolidation and gradual correction following a strong uptrend, raising concerns among short-term holders.
Bitcoin price pulled back from a two-month high on Monday, as the recent rally in cryptocurrency markets showed signs of slowing. Despite this pullback, many analysts remained optimistic about the future of the cryptocurrency, with predictions pointing towards a possible retest of previous all-time highs.
Bitcoin price stabilises around $63,908 after hitting two-month high
Recent price action saw Bitcoin price stabilising around the $63,908 level, following a Monday high of $66,000. Bitcoin price began the day at $63,700, before rising to the two-month high. From this peak, BTC/USD dropped to a low of $63,500, as the earlier momentum began to subside.
At the time of writing, BTC/USD was trading down by 0.4%, and is now up by around 4% over the past seven days. From a technical perspective, the 14-relative strength index (RSI) was tracking at 58, which is considered to be in neutral territory.
Bitcoin price now around $63,908, following a two-month high on Monday. BTC/USD dropped from a peak of $66,000 earlier in the day. Despite the pullback, many analysts remain optimistic about the future of the cryptocurrency, with some predicting a retest of previous all-time highs.
This recent peak prompted discussions about market liquidity and potential corrections. Notably, analyst Michaël van de Poppe indicates that Bitcoin’s recent movements have aligned with market expectations, serving as a pivotal moment for traders.
“Bitcoin took liquidity nicely above recent highs. Now it’s crucial to maintain the support at $61,000. If that holds, we’ll continue towards $73,750.”
Current price behavior marks an area where Bitcoin price “took liquidity” above recent highs. Such movements are typically followed by a price drop below the support level, which in turn, often leads to stop-loss triggers among short sellers.
This price action then sets the stage for a potential price reversal, which could see Bitcoin price rising back up from the lower support level.
Key support levels, buying opportunities
Several analysts highlighted specific support zones that Bitcoin price must maintain in order to continue its bullish momentum.
Crucially, the critical range between $60,748 and $61,166 is noted as being vital for sustaining upward trends. Should Bitcoin price fall below these levels, it could jeopardize the current uptrend structure.
However, van de Poppe suggests that this recent correction could present an attractive buying opportunity. He notes that a retest of the $60,000 level could catalyze a new rally, potentially pushing Bitcoin price toward its previous all-time high of $73,750.
“An interesting scenario; Bitcoin is setting up for a retest of the $60,000 crucial support, which could act as a slingshot toward the all-time high of $73,750.”
Additionally, another support range between $56,000 and $57,000 has been identified as a fallback option if Bitcoin price fails to hold above the $61,000 mark. These support levels create a strategic backdrop for traders considering their next moves in the market.
Historical trends, future outlook
Market analysts are also observing historical patterns that suggest Bitcoin price typically sees strong bull runs starting in October. This trend aligns with previous halving events, which occur every four years and reduce the supply of new bitcoin by half.
As a result of the reduced supply and an increasing demand for bitcoin, bullish momentum is further stimulated.
Despite September being traditionally challenging for Bitcoin—often associated with losses—this year has defied those trends. Bitcoin price recorded a gain of over 10% in September, contrasting sharply with historical patterns.
This unexpected strength has fueled optimism for the upcoming month, with many market watchers anticipating significant rallies in October.
The sentiment within the cryptocurrency community remains cautiously optimistic.
Market watchers highlight that positive closes in September often precede substantial October rallies, and the recent performance of Bitcoin price reinforces this belief. As investors digest the recent price corrections and look toward the future, the interplay between historical trends and current market dynamics creates an intriguing backdrop for Bitcoin.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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