As a seasoned researcher and cryptocurrency analyst with over a decade of market experience under my belt, I have witnessed the rollercoaster ride that is Bitcoin. The recent surge past $68,000 has certainly caught my attention, and I find myself standing at the crossroads between optimism and caution.
Bitcoin has reached a critical point following its surge above $68,000, reaching a fresh local peak, which underscores its robust upward trajectory.
Experts and financiers are keeping a close eye on upcoming developments, looking for indications of further growth or potential pullbacks due to increased supply. Though enthusiasm abounds, there’s a sense of caution among traders as they brace for potential obstacles that might arise.
Top analyst Daan shared a technical analysis highlighting that Bitcoin has broken out of an accumulation channel, suppressing the price. According to Daan, this breakout above the $68,000 resistance level signals a potential for further upside as Bitcoin moves into uncharted territory.
Over the coming days, we’ll find out if Bitcoin can sustain its current progression or encounter a necessary retreat from these elevated positions. As enthusiasm collides with concern over potential corrections, investors are eager to observe whether Bitcoin will persist in climbing higher or if the market will experience a brief halt in its surge.
Bitcoin Break Out: New ATH Next?
Over the past few weeks, I’ve been witnessing an upturn in the crypto market that has left me quite enthusiastic. After hitting yearly lows, both Bitcoin and many altcoins have soared back up to reach new yearly highs. This rapid recovery is definitely a promising sign for the future of cryptocurrencies.
Experts are starting to think that this could mark the beginning of a significant surge—a rise that might push prices to unprecedented levels and yield substantial profits for investors. While the anticipation is high, there’s also a persistent concern about a potential market correction looming ahead.
Historically, Bitcoin has found it challenging to sustain growth beyond the $70,000 level, frequently encountering significant resistance that results in steep drops.
However, top crypto analyst and investor Daan recently shared a technical analysis on X, explaining why this recent breakout might differ. According to Daan, Bitcoin has finally broken out of a 7-month accumulation pattern that had kept prices down, signaling a significant shift in market dynamics.
Additionally, BTC has successfully surpassed its Daily 200 moving average (MA) and exponential moving average (EMA), two significant technical markers that had previously served as obstacles since the summer.
Given the current upward trend in the short to medium term, Daan thinks this bullish stance might indicate that Bitcoin could bypass another rejection around $70,000. Instead, Bitcoin might be preparing for a strong push, as investors look forward to hitting fresh record highs within the next few weeks.
BTC Technical Analysis
Over the past few days since Monday, Bitcoin has faced a significant supply area after experiencing a robust 9% rise. At present, it’s trading significantly above its Daily 200 moving average (MA) and exponential moving average (EMA), which suggests strong underpinnings and continuing bullish tendencies without any clear indications of a reversal just yet.
The current trend suggests that buyers currently hold the upper hand, with a possible surge towards surpassing the significant $70,000 mark.
However, there’s still a risk that Bitcoin could fail to break and hold the $70,000 mark, which is critical for bulls to maintain upward momentum. A rejection at this level could signal a shift in market sentiment, potentially leading to profit-taking and consolidation.
Historically, these periods of market enthusiasm have typically been followed by a less optimistic shift that dampens excitement, allowing for a normal pullback or correction.
If Bitcoin (BTC) faces a downturn, it’s probable that it will encounter robust support near the daily 200 Moving Average, which is approximately $63,304. Historically, this level has been crucial in supporting uptrends, so it might serve as a sturdy base for further growth if the price experiences a correction before continuing its bullish trend.
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2024-10-18 19:16