Bitcoin on the Verge of a New All-Time High: Analyst Predicts Breakout Above $64,000
Bitcoin Poised for New All-Time High: Analyst Sees Breakout Above $64,000
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Bitcoin, which began October on a slightly negative note, has started to regain momentum, rising by 1.66% in the past 24 hours. This resurgence comes amidst a renewed wave of optimism in the crypto space, with traders and investors hoping for a strong finish to the year.
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Renowned crypto analyst Inmortal, in a recent post on the social media platform X, revealed his conviction that Bitcoin is on track to establish a new all-time high soon. Inmortal believes that the only obstacle standing between Bitcoin and a record-breaking price is a successful break above the $64,000 mark.
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Bitcoin New All-Time High Coming Soon?
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While the general consensus points towards a bullish Bitcoin in October, different analysts have varying opinions on how this bullish trend will unfold. Inmortal, on his social media platform, highlights that the only prerequisite for a new all-time high for Bitcoin is a breakout above the $64,000 level.
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According to a Bitcoin/TetherUS chart accompanying his post, this price level rests just above the October monthly open. This means a sustained breakout above $64,000 would also result in a green monthly close for October.
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Breakout above 64k = New ATH
$BTC pic.twitter.com/mUvDN5sTyi— Inmortal (@inmortalcrypto) October 4, 2024
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Interestingly, Inmortal had previously hinted in a post on X that Bitcoin’s descent from $66,000 in September to $60,000 on October 2nd might represent a local bottom for the flagship digital asset. This assumption stems from Bitcoin’s apparent retesting of this level three times before rebounding upwards.
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However, he acknowledged that this is merely a hunch based on observation and lacks confirmation through market structure breaks. This local bottom sentiment aligns with analysis from a CryptoQuant analyst known as “caueconomy.”
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Inmortal emphasizes his current focus on long positions for Bitcoin, outlining two specific entry points for these trades. The first opportunity would arise if Bitcoin retests the $60,000 low, presenting 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.
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What’s Next for Bitcoin?
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As of this writing, Bitcoin is trading at $62,200, already gaining 3.5% from the October 3 low. Despite this recent gain, the flagship cryptocurrency is still down by 5.7% in seven days, leaving open the possibility of a short-term downward correction.
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Another prominent crypto analyst known as Kaleo suggests that Bitcoin may experience another retest of lower levels before resuming its upward trajectory. He anticipates Bitcoin could dip to around the $57,000 to $58,000 range, testing support in that area before eventually reversing course and going higher for the remainder of October and beyond the US election in early November.
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While the future of Bitcoin is uncertain, the potential for a new all-time high remains a tantalizing prospect for investors and traders alike. With the market showing signs of recovery and analysts predicting a strong finish to the year, the upcoming weeks and months could prove to be crucial for Bitcoin’s price trajectory.