Originally published on: October 14, 2024
Bitcoin has made a dramatic leap past $64,000, igniting excitement among crypto analysts who believe this could be the moment the market has been waiting for in “Uptober.” This surge comes after a brief retrace to $59,000 on Oct. 10, shaking up sentiment in a historically strong month for Bitcoin.
Dan Tapiero, founder of 10T Holdings, expressed optimism as Bitcoin climbed above $64,000, marking a 3.16% increase since Oct. 13. With Bitcoin trading at $64,872 at the time of publication, Tapiero hinted at the potential for new highs in the cryptocurrency.
Tapiero confidently stated, “Break of 70k and h6ll gonna break loose.” The last time Bitcoin reached this level was on June 6, hitting $71,082. He noted that Bitcoin’s price is tightening into a proverbial coil, signaling a potential breakout on the horizon.
The recent price gains have pushed October back into the green, with Bitcoin up 2.48% since the start of the month. Crypto trader Jelle echoed this positive outlook, stating that Bitcoin’s extended consolidation phase is coming to an end.
Since the Bitcoin halving on April 20, the cryptocurrency has maintained a range between $58,000 and $72,000. Jelle affirmed, “2 higher lows, a higher high & prices pushing for new highs again,” indicating a shift in momentum.
Analyzing technical indicators, crypto trader Matthew Hyland highlighted the turning of Bitcoin’s 10-day Simple Moving Average (SMA), suggesting a bullish trend ahead. Hyland emphasized that historically, when the 10 SMA moved upward, Bitcoin’s price followed suit 80%-90% of the time.
This article serves as informative analysis and does not constitute investment advice. Readers are encouraged to conduct their own research before making any financial decisions. Stay tuned for more insights on market trends and investment opportunities by subscribing to our newsletter.
