Is Bitcoin Price Primed For New Record High? Analyst Provides Update On $78,000 Prediction
12 Oktober 2024 - 1:00PM
NEWSBTC
A crypto analyst has offered an update on their analysis,
predicting the Bitcoin price to climb to a new all-time high in the
coming months. What’s Next For Bitcoin In October? In a September
23 post on X, crypto analyst Ali Martinez put forward an
interesting prognosis on the current price action of Bitcoin and
its future trajectory. According to the pundit, the premier
cryptocurrency looked set for a bullish breakout — albeit not in a
straightforward move. In his forecast, Martinez said that the price
layout (at the time) could see Bitcoin fall to the $60,000 level
and then make a comeback to $66,000. Following the recovery, a deep
correction would see the market leader slump to $57,000 before
rallying to a new all-time high of $78,000. Related Reading: BNB
Under Siege: Failed Recovery Sparks Fears of Deeper Losses This
projection is based on the formation of a descending channel
pattern on the daily Bitcoin price chart. A descending channel is a
technical analysis chart formation characterized by two major
trendlines; the upper line acting as the resistance level and the
lower line acting as the support level. The space between these
trendlines serves as the channel within which prices over a period.
Typically, the formation of a descending channel suggests the
persistence of a downward price trend and lower highs. Meanwhile,
traders can use this pattern to identify optimal entry and exit
points. For instance, a descending channel can be used to confirm
the continuation or reversal of a market trend. If a breakout
occurs to the upside of the upper trendline, it may imply a shift
from a downtrend to an uptrend. Meanwhile, a breakout across the
bottom trendline is a trend continuation signal. In a new post on
the X platform, Martinez provided an update on the $78,000
forecast, confirming that the Bitcoin price dropped to $60,000
before jumping back to $66,000. Following the latest correction to
around $59,000, the next move for the premier cryptocurrency seems
to be the breakout rally to $78,000. Contrary to general
expectations, the price of Bitcoin has not exactly shined in the
historically bullish month of October. However, this latest
projection shows that the “Uptober” month could just be starting
for the flagship cryptocurrency. Bitcoin Price At A Glance As of
this writing, the price of Bitcoin sits just beneath $63,000,
reflecting a 5% increase in the past 24 hours. This latest rally
represents a price recovery as the premier cryptocurrency has been
under intense bearish pressure over the past week, falling as low
as $59,000 at some point. According to CoinGecko data, Bitcoin is
up by 1% in the last seven days. Related Reading: Over 52 Million
ETH Bought At $2,300, Will Ethereum Bulls Defend This Support?
Featured image created by Dall.E, chart from TradingView
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