As an analyst with over two decades of experience in financial markets, I find myself intrigued by the current state of Bitcoin and its potential to reach new all-time highs. Having witnessed numerous bull and bear cycles throughout my career, I’ve learned to appreciate the unpredictability of market movements.
Starting off this month with a downward trend, Bitcoin has started to pick up some positive traction and increased by 1.66% over the past 24 hours. This rebound coincides with renewed enthusiasm in the cryptocurrency market, as traders and investors continue to have high expectations for a strong end to the year. Notably, renowned crypto analyst Inmortal recently shared on social media platform X that Bitcoin could still reach a new record high soon. For Bitcoin to achieve this, it needs to surpass the $64,000 mark first.
Bitcoin New All-Time High Coming Soon?
There seems to be a widespread belief that Bitcoin will increase significantly in October. However, different experts have differing opinions about how this might unfold. On his social media platform, Inmortal stated that for Bitcoin to reach a new record high, it first needs to surpass $64,000. A Bitcoin/TetherUS chart, which was provided alongside the statement, shows this level sitting slightly above the opening price for October. If Bitcoin manages to break above $64,000 and sustains that level, it would result in a positive monthly close for October.
Breakout above 64k = New ATH$BTC
— Inmortal (@inmortalcrypto) October 4, 2024
As a crypto investor, I’ve been intrigued by the observation made by Inmortal in an earlier post. He suggested that Bitcoin’s dip from $66,000 in September to $60,000 on October 2nd could indicate a local bottom for the flagship digital asset. This is due to Bitcoin seemingly testing this level three times before eventually regaining momentum. However, it’s important to note that this is merely a hunch, as there’s no definitive market structure break or confirmation yet. Interestingly, this perspective aligns with analysis from a CryptoQuant analyst named “caueconomy.
Immortal underscores that he’s presently focusing on investing in long-term positions for Bitcoin. He’s zeroed in on two strategic moments for these transactions. The first could materialize if Bitcoin revisits its previous low of $60,000, offering a possible buying chance at a vital support point. The second opportunity, as per his assessment, would kick off when Bitcoin surpasses the $63,000 price barrier.
What’s Next For Bitcoin?
As I write this, Bitcoin stands at $62,200, having climbed 3.5% from its October 3 low. Yet, it’s important to note that over the past week, it has dipped by 5.7%. In the short term, there’s a potential for further downward movement.
A well-recognized crypto expert going by the name Kaleo proposes a potential revisit to lower price points before Bitcoin continues its upward trend. He predicts that Bitcoin might fall to roughly $57,000 to $58,000, testing the support in this region, following which it’s expected to climb higher throughout October and beyond the US election in early November.
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2024-10-06 04:16