Bitcoin continues to dominate as the best-performing asset of 2024, with a notable increase of almost 50% since the beginning of the year. Surpassing the $63,500 mark, the possibility of reaching $70,000 is once again on the horizon. The current charts indicate a positive outlook, reinforcing the bullish stance in the market. Historically, Bitcoin bull markets tend to peak between 518 to 546 days after a halving event, but the current cycle is showing signs of acceleration by approximately 100 days. Based on these patterns, it is projected that BTC’s potential peak could occur around mid-May to mid-June 2025.
Despite the recent surge, Bitcoin has entered into positive territory for October, giving rise to the term ‘Uptober’. The bullish momentum seems poised to drive prices higher in the upcoming days. Additionally, there has been an increase in long-term Bitcoin holdings, with a growing number of whales showing interest in the token as they hold onto their supply for over 155 days.
While the bullish trend remains intact, there is a possibility that Bitcoin may retest a lower support level before experiencing a strong rebound. Analyst Michael van de Poppe acknowledges the bullish potential within the BTC price rally but also considers a bearish scenario. With crucial support around $60,000, any bearish activity may be limited to around $62,000. A potential retest of these levels could lead to a reversal towards higher ranges above $65,000.
Looking ahead, van de Poppe predicts a bullish week with the potential for a breakout above $65-$66K, which could result in a new all-time high test. The key challenge for the bulls is to maintain the rally above the support at $62,500, as a successful rebound from this level could trigger a significant upward movement in the market.
In conclusion, Bitcoin’s performance in 2024 continues to impress, with the potential for further growth on the horizon. As investors closely monitor the market dynamics, the coming weeks could prove crucial in determining the direction of the ongoing bull market.