Originally published on: October 29, 2024
Bitcoin’s price surged by 5% on October 29, breaking through the $70,000 milestone and sparking excitement among traders who are now setting ambitious price targets for the cryptocurrency.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin reached $72,410 from a low of $67,541 on the same day, marking a significant 5.86% increase and hitting a 20-week high at $71,500.
The surge in Bitcoin’s price was accompanied by a substantial rise in trading volume, reaching $47.5 billion at the time of publication, almost double the volumes seen on the previous day, according to CoinMarketCap data.
This increase in trading activity resulted in over $78 million in short positions being liquidated over the past 24 hours as losing bets were closed, leading to a spike in Bitcoin’s price, as reported by CoinGlass.
Bitcoin’s upward momentum has transformed key levels into potential strong support areas, particularly the psychological level of $70,000, which traders are now eyeing as they anticipate further gains.
Analysts are optimistic about Bitcoin’s price trajectory, with some pointing out the resistance around the $72,000 mark and the all-time high at $73,835 as the next crucial levels to watch.
Despite these resistance levels, the support levels for Bitcoin appear to be stronger based on the In/Out of the Money Around Price (IOMAP) metric from IntoTheBlock, indicating that the path of least resistance is upwards.
If Bitcoin manages to close decisively above the $72,000 level, analysts predict that it will enter into uncharted territory above the all-time high of nearly $74,000 set in March 2024.
Market veterans and analysts are now making predictions on Bitcoin’s future price trajectory, with some setting impressive targets based on chart patterns and historical data.
Veteran trader Peter Brandt presented multiple scenarios with potential price targets ranging from $94,000 to nearly $235,000 based on different chart patterns and historical data related to Bitcoin’s price action.
Pseudonymous analyst Dyme also weighed in, suggesting that a $150,000 price target for Bitcoin is “perfectly possible” according to their Pi Cycle analysis.
While these predictions are speculative and do not constitute investment advice, they reflect the growing optimism among analysts about Bitcoin’s potential for further price appreciation in the coming months.
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