Crypto Analyst Predicts Bitcoin Price Will Hit New All-Time High If It Breaks This Level
2024年10月6日 - 10:00AM
NEWSBTC
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
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