Bitcoin, after a rocky start to the month, is showing signs of recovery with a 1.66% increase in the last 24 hours. This resurgence is fueled by renewed optimism within the crypto community, as traders and investors remain hopeful for a strong finish to the year. As Bitcoin enthusiasts closely watch market trends, the digital currency’s potential to reach new heights is a hot topic of discussion.
Can Bitcoin Achieve a New All-Time High Soon?
The overarching sentiment in the crypto world is bullish for Bitcoin this October, despite varying forecasts from different analysts. Notably, Inmortal, a popular crypto analyst, has taken to social media to express confidence in Bitcoin’s ability to set a new all-time high. According to Inmortal, the key milestone for Bitcoin is to surpass the $64,000 mark. This level, situated just above the monthly open for October, is crucial; breaking it could signify a positive monthly close.
Breaking $64,000: The Key to New Heights
Inmortal’s analysis highlights that a breakout above $64,000 would not only mark a new all-time high but also reflect a bullish October close. His insights are further supported by a Bitcoin/TetherUS chart, illustrating this pivotal price level. Interestingly, Inmortal had previously noted that Bitcoin’s decline from $66,000 in September to $60,000 in early October might indicate a local bottom. This observation is based on Bitcoin testing this threshold multiple times before rebounding, though he clarifies that this is speculative without a confirmed market structure change.
Moreover, another analyst from CryptoQuant, known as “caueconomy,” echoes the sentiment of Bitcoin having reached a local bottom, reinforcing optimism for future gains.
Strategic Entry Points for Traders
Inmortal remains focused on long positions for Bitcoin, identifying two specific entry points for potential trades. The first opportunity arises if Bitcoin revisits the $60,000 support level, presenting a strategic buying window. The second entry point would be activated if Bitcoin breaks through the $63,000 threshold, signaling further upward momentum.
Anticipating Bitcoin’s Next Moves
Currently, Bitcoin is trading at approximately $62,200, having risen 3.5% from its October 3 low. Despite this recovery, the cryptocurrency is still down by 5.7% over the past week, indicating potential volatility in the short term. As market dynamics continue to evolve, traders are keeping a close eye on Bitcoin’s progress.
Expectations and Predictions from Analysts
Another respected crypto analyst, known pseudonymously as Kaleo, suggests that Bitcoin might face another test of lower levels before resuming its upward trajectory. Specifically, Kaleo anticipates a potential dip to the $57,000 to $58,000 range, where Bitcoin could find support before reversing course and aiming higher. This potential move is seen as a precursor to a more sustained rally, expected to unfold through the rest of October and beyond, particularly following the US election in early November.
In conclusion, while Bitcoin’s path to a new all-time high is not without challenges, the general consensus among analysts is optimistic. With strategic entry points identified and key price levels in focus, the crypto community continues to watch closely as Bitcoin navigates its way through the ever-evolving market landscape.
