Bitcoin has experienced a resurgence in the past 24 hours, with a 1.66% increase in value. This positive momentum comes amidst growing optimism in the cryptocurrency space, with traders and investors hopeful for a strong finish to the year. In a recent social media post, renowned crypto analyst Inmortal predicted that Bitcoin is on track to reach a new all-time high very soon, as long as it breaks above the $64,000 price level.
The consensus among analysts is that Bitcoin is gearing up for a bullish run in October, with the key milestone being a breach of the $64,000 mark. Inmortal emphasized that achieving this level would result in a green monthly close for October, based on a Bitcoin/TetherUS chart analysis. Despite a drop from $66,000 to $60,000 in early October, Inmortal believes that Bitcoin may have found a local bottom after retesting the $60,000 level multiple times before rebounding.
The analyst also highlighted two potential entry points for long positions on Bitcoin. The first opportunity would arise if Bitcoin revisits the $60,000 support level, while the second entry point would be triggered by a breakout above $63,000. Currently trading at $62,200, Bitcoin has already seen a 3.5% increase from its recent low but remains down by 5.7% over the past week, raising the possibility of further downward movement in the short term.
Looking ahead, analyst Kaleo suggests that Bitcoin could experience another dip to the $57,000 to $58,000 range before resuming its upward trajectory. This retracement would serve as a test of support levels before a potential rally for the rest of October and post the US election in November.
In conclusion, Bitcoin’s price movement in the coming days will be crucial in determining whether it can achieve a new all-time high. Traders and investors are closely monitoring key levels and technical indicators to capitalize on potential opportunities in the volatile cryptocurrency market.