CCT - Crypto Currency Tracker logo CCT - Crypto Currency Tracker logo
NewsBTC 2024-10-06 01:00:24

Crypto Analyst Predicts Bitcoin Price Will Hit New All-Time High If It Breaks This Level

Bitcoin, which started the month on a negative note, has begun to regain some positive momentum and is up by 1.66% in the past 24 hours. This recovery comes amid renewed optimism in the crypto space, as traders and investors remain hopeful for a solid finish to the year. In a recent post on social media platform X, popular crypto analyst Inmortal revealed Bitcoin is still on its way to creating a new all-time high very soon. The only thing the bulls need to do is to ensure a break above the $64,000 price tag. Related Reading: Market Signals Hint At Bitcoin’s Potential Fall To $52,000—Analyst Bitcoin New All-Time High Coming Soon? The general consensus is that Bitcoin is going bullish in October, although different analysts have varying outlooks as to how this will happen. Taking to his social media account, Inmortal noted that the only prerequisite for a new Bitcoin all-time high is for the price to break above $64,000. According to an accompanying Bitcoin/TetherUS chart, this price level is situated just above the October monthly open. This means a sustained break above $64,000 would nonetheless translate to a green monthly close in October. Breakout above 64k = New ATH$BTC pic.twitter.com/mUvDN5sTyi — Inmortal (@inmortalcrypto) October 4, 2024 Interestingly, Inmortal had noted in an earlier X post that Bitcoin’s drop from $66,000 on September to $60,000 on October 2nd feels like the flagship digital asset has reached a local bottom. This is because Bitcoin seemed to retest this level three times before eventually rebounding upwards. However, he did clarify that this is only based on a hunch because there is no market structure break or confirmation yet. Interestingly, this local bottom sentiment is supported by analysis from a CryptoQuant analyst known as “caueconomy.” Inmortal further emphasized that he is currently only interested in taking long positions on 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 by 5.7% in seven days and there remains the possibility of a break to the downside in the short term. Related Reading: Injective (INJ) Down 20% As Market Retracement Forces Sell-Off Another popular crypto analyst known pseudonymously as Kaleo suggests that there may be another retest of lower levels before Bitcoin resumes its upward trajectory. Specifically, he anticipates that Bitcoin could dip to around the $57,000 to $58,000 range, testing support in that area before ultimately reversing course and going higher for the rest of the month of October and after the US election in early November. Featured image from CNBC, chart from TradingView

면책 조항 읽기 : 본 웹 사이트, 하이퍼 링크 사이트, 관련 응용 프로그램, 포럼, 블로그, 소셜 미디어 계정 및 기타 플랫폼 (이하 "사이트")에 제공된 모든 콘텐츠는 제 3 자 출처에서 구입 한 일반적인 정보 용입니다. 우리는 정확성과 업데이트 성을 포함하여 우리의 콘텐츠와 관련하여 어떠한 종류의 보증도하지 않습니다. 우리가 제공하는 컨텐츠의 어떤 부분도 금융 조언, 법률 자문 또는 기타 용도에 대한 귀하의 특정 신뢰를위한 다른 형태의 조언을 구성하지 않습니다. 당사 콘텐츠의 사용 또는 의존은 전적으로 귀하의 책임과 재량에 달려 있습니다. 당신은 그들에게 의존하기 전에 우리 자신의 연구를 수행하고, 검토하고, 분석하고, 검증해야합니다. 거래는 큰 손실로 이어질 수있는 매우 위험한 활동이므로 결정을 내리기 전에 재무 고문에게 문의하십시오. 본 사이트의 어떠한 콘텐츠도 모집 또는 제공을 목적으로하지 않습니다.