Bitcoin’s momentum has improved since the beginning of the month. It is now up by 1.66 percent in the last day. It is encouraging to see that the market has been re-energized by traders and investors who are hopeful about the future of crypto. solid finish to the year. In a recent social media post, Inmortal the popular crypto-analyst revealed Bitcoin remains on its upward trajectory. way to creating a new all-time high Very soon. Only the bulls have to make sure that they break over the $64,000 mark.
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Bitcoin New All-Time High Soon to Come?
It is generally agreed that Bitcoin is going bullish in OctoberAnalysts have different opinions on how it will occur. Inmortal, who has a social media profile, stated that the price of Bitcoin must break through $64,000 to become a new all-time record. This price is just below the monthly October open, according to a chart of Bitcoin/TetherUS. A sustained move above $64,000 will still result in a positive monthly closing for October.
Breakout over 64k = new ATH$BTC pic.twitter.com/mUvDN5sTyi
— Inmortal (@inmortalcrypto) October 4, 2024
Inmortal has noted an interesting fact an earlier X post Bitcoin has reached its local bottom with the drop of $66,000 in September and $60,000 October 2. Bitcoin had a tendency to test this level 3 times before it finally rose. This is a guess, however. There is still no confirmation of the market structure or break. Intriguingly, the local sentiment at bottom is a positive one. is supported by analysis from CryptoQuant analysts are known by the name “caueconomy.”
The Inmortal further emphasized He has stated that his current interest is only in long Bitcoin positions. For these trades, he identified two entry points. First, a buying opportunity could be created if Bitcoin returns to the low of $60,000 and retests it. This would provide a possible support level for a purchase. His analysis suggests that a price breakout above $63,000 would trigger the second entry.
What Next for Bitcoin
Bitcoin has gained 3.5% in value since its October 3 low. But the main cryptocurrency remains down 5.7% within seven days. possibility of a break to the downside Short-term:
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Kaleo, a popular crypto-analyst who goes by the pseudonym Kaleo suggests that tBitcoin could be retested at lower levels, before it continues its upward path. He believes that Bitcoin may dip into the $57,000 to $58k range and test the support there before ultimately changing course to go higher during the rest of October and the US Election in early November.
Chart from TradingView, Featured Image from CNBC
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Source: www.newsbtc.com
