Originally published on: October 29, 2024
Bitcoin enthusiasts are celebrating as the cryptocurrency surged by 5% on October 29, smashing through the $70,000 milestone and prompting traders to set bold price targets for the digital asset.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin made an impressive climb from $67,541 to reach a peak of $72,365, marking a 20-week high at $71,500 on the same day.
The substantial increase in trading volume, currently at $47.5 billion, nearly doubled from the previous day, signaling a significant uptrend in market activity.
Amidst this price surge, over $78 million in short positions were liquidated in the past 24 hours, contributing to the upward momentum as traders covered their losing bets.
Bitcoin’s recent upward trajectory has reinforced key support levels, particularly around the psychologically significant $70,000 mark, portending a potential breakthrough for the cryptocurrency.
Analysts closely monitoring Bitcoin’s price movements note that the next hurdle lies between $72,000 and the all-time high of $73,835, with ask orders totaling over $35.7 million just above the $72,000 level.
Despite some resistance, data from IntoTheBlock indicates that Bitcoin has stronger support in the $66,845 to $68,948 range compared to resistance near $72,000, suggesting a bullish outlook for the cryptocurrency.
Should Bitcoin manage to secure a decisive close above $72,000, experts anticipate a period of price discovery beyond the previous all-time high of nearly $74,000, set back in March 2024.
Speculation abounds regarding Bitcoin’s price potential, with industry veterans like Peter Brandt presenting optimistic projections based on chart patterns and historical trends. Brandt outlines scenarios pointing to price targets ranging from $94,000 to close to $235,000 in the coming months and years.
Furthermore, analysts like Dyme foresee Bitcoin reaching lofty heights, with a $150,000 price target deemed entirely feasible according to their Pi Cycle analysis.
As Bitcoin continues its bullish trajectory, traders and investors are advised to conduct thorough research and exercise caution when making financial decisions in the volatile cryptocurrency market.
For more insights and updates on market trends, subscribe to our Markets Outlook newsletter to gain valuable perspectives on investment opportunities and trading strategies. Get your dose of critical analysis every Monday and stay ahead of the crypto curve.
