Expert Updates Bitcoin (BTC) Price Prediction, Eyes Rally up to $110k – But There's a Catch

Crypto analyst EGRAG CRYPTO has shared insights into Bitcoin's price trajectory, suggesting a potential rally.

Cryptocurrency analyst EGRAG CRYPTO has shared his latest analysis on Bitcoin’s price trajectory, suggesting a potential rally in sight.

In his tweet on October 29th, EGRAG CRYPTO highlights that Bitcoin has broken out of a descending broadening wedge pattern, a structure that often signals a bullish reversal.

After breaking out of this pattern, Bitcoin retested the breakout, indicating a confirmed trend that could lead to continued upward momentum. The analyst highlights a critical support level of $66,000.

According to him, Bitcoin must close above this level on both 3-day and weekly timeframes to maintain its push toward six figures. If BTC price manages to stay above this level, then the path to $102k and possibly $110k could be achievable. However, if this rally stalls, it may trigger a sharp pullback.

EGRAG CRYPTO's analysis also outlines several support and resistance levels that Bitcoin will encounter on its upward journey.

The key support point at $66,000 is crucial for maintaining Bitcoin’s bullish momentum. If BTC price drops below this level, it risks a decline that could halt the anticipated rally.

Beyond the $66,000 support, the analysis identifies an intermediate resistance at around $69,725, a point Bitcoin needs to overcome to sustain its bullish pace. This resistance level, slightly below the psychological barrier of $70,000, could either slow the rally or serve as a launching pad if BTC breaks through.

Additionally, a Fibonacci retracement level at $44,608 provides a deeper support zone if BTC encounters a more substantial correction.

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

According to EGRAG CRYPTO's chart, the first major target is $102,090, aligning with predictions of Bitcoin's rally toward the $102K-$110K range. The breakout from the descending wedge, coupled with a retest, supports this outlook.

Market sentiment has shown resilience, with many investors expecting continued upward momentum. However, EGRAG CRYPTO cautions about a potential “shakeout” if Bitcoin's rally stumbles.

He suggests that a steep correction could occur, making about 95% of investors question whether the bull market has come to an end. Despite this risk, the analyst believes such a dip would likely be temporary, purging weaker hands and setting the stage for a resumed rally.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.

Get all our future calls by joining our FREE Telegram group.

We recommend eToro