Originally published on: October 14, 2024
Bitcoin’s price has surpassed the $64,000 mark, igniting excitement among crypto analysts who predict a potential breakout in the market during the month of October.
Despite not reaching new highs, Bitcoin’s rise to $64,000 after dipping to $59,000 on October 10 has shifted sentiment among experts. Founder of 10T Holdings, Dan Tapiero, expressed optimism following Bitcoin’s 3.16% gain on October 13, stating that the cryptocurrency is on the cusp of a significant move.
Currently trading at $64,872, Tapiero believes that if Bitcoin surpasses the $70,000 mark, it could unleash a new wave of growth, as it hasn’t seen these price levels in four months since June 6.
Describing Bitcoin’s price as “coiling and coiling,” Tapiero hinted at an imminent breakout, a signal traders often look for when prices tighten into a narrowing range.
Additionally, Bitcoin’s recent price gains have pushed October back into positive territory, with a 2.48% increase since the beginning of the month. Pseudonymous trader Jelle also anticipates the end of Bitcoin’s consolidation phase, with prices aiming for new highs.
Another trader, Matthew Hyland, noted a positive trend with Bitcoin’s 10-day Simple Moving Average (SMA) turning upward, indicating a potential upward movement in the cryptocurrency’s price.
Overall, the outlook for Bitcoin in October appears optimistic, with analysts pointing towards a potential breakout above $70,000 and a resumption of the upward trend. As always, investors are advised to conduct their own research and consider the risks involved in trading and investing in cryptocurrencies.
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