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Cryptocurrency News Articles
Is A Major Move For Bitcoin Around The Corner?
Oct 23, 2024 at 04:00 am
October has historically been one of Bitcoin‘s best-performing months, triggering notable price increases over the years. Considering the price of BTC this month
Several crypto analysts are convinced that Bitcoin might be setting itself up for a breakout that could propel it to new all-time highs, given the price of BTC this month, which has historically been one of its best performing.
Is A Major Move For Bitcoin Imminent?
As the month of October nears its conclusion, Titan of Crypto, a market expert and trader has anticipated a significant breakout for Bitcoin in the month that is often referred to as “Uptober” due to the strong bullish momentum that is widely anticipated.
The expert’s analysis suggests that the current prolonged consolidation phase is coming to an end and that the crypto asset is preparing for the upcoming surge. Furthermore, his bullish outlook is driven by BTC’s breakout from the monthly bull pennant pattern, which highlights the resilience of its renewed upward strength.
According to Titan of Crypto, Bitcoin has not only breached the monthly bull pennant but has also recovered from previous resistance that now serves as a support range. As a result, the expert notes that the next key price level to watch for is $71,100, which, if broken, could open the door for further upside movement, possibly to a new all-time high.
This bullish sentiment for BTC is gaining increasing traction within the crypto community, indicating strong confidence and sentiment among enthusiasts and investors regarding the long-term potential of the digital asset.
Riccio Capital has also predicted a breakout for BTC in October, specifically within the week. Having examined Bitcoin’s current price action, the platform anticipates that the asset could retest its current all-time high of $74,000 during the week as it edges closer to breaking out from a Descending Channel pattern.
While the platform expects strong buying pressure, it notes that there may be a slight pullback after reaching the initial target at the current peak before the trend continues upward toward the pivotal $79,000 price level.
BTC’s Renewed Bullish Momentum Encounters Setback
Riccio Capital’s prediction may be unfolding as Bitcoin has encountered a minor setback since commencing its recent uptrend over a week ago, during which BTC surged from the $59,400 level to $69,170. This decline is attributed to a broader market downswing that suggests a potentially volatile period for BTC.
After hitting the $69,170 level on Monday, BTC saw a drop to $66,900 earlier today but has since recovered slightly to $67,400 at the time of writing. Currently, the crypto asset is trading at $67,247, indicating a 2% decrease in the last 24 hours. Despite this pullback, investors and traders remain optimistic about Bitcoin’s renewed strength as its trading volume has increased by over 50% in the past day.
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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