Originally published on: October 16, 2024
Bitcoin’s price soared to a new monthly high of $68,400 on October 16, marking a significant milestone in the cryptocurrency market. This surge also led to the formation of a new higher-high pattern, indicating a positive shift in market sentiment. Despite a brief correction of 3.41% on October 15, Bitcoin quickly rebounded to register a new weekly high.
Analysts are closely watching as Bitcoin hovers near the $70,000 level, wondering if this latest rally will be able to break a 217-day downtrend that has been plaguing the cryptocurrency since its all-time high in March 2024. The weekly chart shows that Bitcoin is on its fourth attempt to break above the upper trendline, which could have a major impact on its future price trajectory.
Experts have identified a crucial price range between $68,300 and $67,300 that Bitcoin needs to surpass to disrupt the ongoing downtrend. Traders like Peter Brandt believe that Bitcoin is currently at a critical juncture and may be poised for further gains in the near future. Others, such as BitQuant, predict that Bitcoin could consolidate between $75,000 and $95,000 after breaching the $70,000 mark.
Despite potential short-term market volatility, Bitcoin’s on-chain data tells a different story. The number of active addresses has been steadily increasing since September, demonstrating a rise in user engagement and market demand. This positive trend is further supported by the Cryptoquant analysis, which shows an upward momentum in active addresses over the past 45 days.
With Bitcoin’s dominance hitting a three-and-a-half-year high, the overall sentiment around the cryptocurrency remains bullish. Investors and traders alike are optimistic about Bitcoin’s future prospects, especially as it continues to break key resistance levels and show signs of sustained growth.
In conclusion, Bitcoin’s latest rally to $68K has reignited hopes of a sustained upward trend, signaling a potential shift in market dynamics. As the cryptocurrency market evolves, all eyes are on Bitcoin to see if it can maintain its momentum and continue to break through key price barriers in the coming weeks.
