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Bitcoin, which started the month on a negative note, has started to regain some positive momentum and is up 1.66% in the last 24 hours. This recovery comes amid renewed optimism in the crypto space, as traders and investors remain hopeful of a happy end of year. In a recent post on social media platform way to create a new absolute record very soon. The only thing the bulls need to do is secure a breakout above the $64,000 price.
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Bitcoin, a new historic record coming?
The general consensus is that Bitcoin turns bullish in Octoberalthough different analysts have different perspectives on how this will happen. Taking to his social media account, Inmortal noted that the only prerequisite for a new all-time high for Bitcoin is for the price to exceed $64,000. According to an accompanying Bitcoin/TetherUS chart, this price level sits just above the October monthly open. This means that a sustained break above $64,000 would still result in a green monthly close in October.
Breakout above 64k = New ATH$BTC pic.twitter.com/mUvDN5sTyi
– Inmortal (@inmortalcrypto) October 4, 2024
Interestingly, Inmortal had noted in a previous X post that Bitcoin’s fall from $66,000 in September to $60,000 on October 2 gives the impression that the flagship digital asset has reached a local bottom. Indeed, Bitcoin appeared to retest this level three times before finally bouncing higher. However, he clarified that this is only based on a hunch, as there is no breakout or confirmation of the market structure yet. It is interesting to note that this local background feeling is supported by the analysis of a CryptoQuant analyst known as “caueconomy.”
Undying further emphasized that he is currently only interested in taking long positions in Bitcoin, and he has identified two specific entry points for these trades. The first opportunity would arise if Bitcoin retests the $60,000 low, providing a potential buying window at a key support level. The second entry point, according to his analysis, would be triggered by a breakout above the $63,000 price level.
What’s next for Bitcoin?
At the time of writing, Bitcoin is trading at $62,200 and has already gained 3.5% from the October 3 low. However, the flagship cryptocurrency is still down 5.7% in seven days and remains the possibility of a downward breakout in the short term.
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Another popular crypto analyst known under the pseudonym Kaleo suggests that there is perhaps another test of the lower levels before Bitcoin resumes its upward trajectory. Specifically, he predicts that Bitcoin could fall to between $57,000 and $58,000, testing support there before ultimately reversing the trend and rising for the rest of October and after the US elections in early November.
Featured image from CNBC, chart from TradingView
