Originally published on: September 17, 2024
Bitcoin has been on a bullish trajectory lately, with the current price trading at $64,395.91, marking a significant 16% increase from the recent low of $52,546 on Sept. 6. Analysts are optimistic that this positive trend could signal the beginning of a push towards new record highs for the leading cryptocurrency.
Bullish Signals Point to Bitcoin’s Growth Potential
Local structure analysis by independent Bitcoin expert Jelle has reinforced this positive outlook. Jelle highlighted a crucial turning point where Bitcoin closed above the previous September high, establishing a higher low as well. The recent high of $60,670 set on Sept. 13 surpassed the Sept. 3 high of $59,830, indicating a strong market position to tackle resistance levels at $65,000 and potentially reach new all-time highs.
The sentiment was echoed by pseudonymous analyst Altstein Trader who viewed the current local bullish shift as promising, suggesting that crossing the $65,000 mark could set the stage for a significant upward momentum towards new peaks.
Insights from Notable Analysts
Another prominent crypto analyst, Daan Crypto Trades, observed Bitcoin trading near the middle boundary of a descending parallel channel at $57,902. Highlighting this as a critical juncture, a slight 5% uptick above this level could pave the way for a substantial move of approximately 10% higher, with a further surge potentially pushing the BTC price beyond $66,000.
Market Analysis and Price Movements
Market data from Cointelegraph Markets Pro and TradingView showed that Bitcoin recorded a significant 5% gain post-Wall Street opening on Sept. 18, surpassing the $59,300–$60,738 resistance zone where key moving averages converge. The intraday high hit $61,331 before slightly retracting to $60,540 at the time of writing, emphasizing the importance of breaking key resistance levels to maintain the current bullish momentum.
Challenges and Opportunities Ahead
Bitcoin’s ascent towards new highs faces a hurdle at the $60,000 level, as indicated by the In/Out of the Money Around Price (IOMAP) model from IntoTheBlock. Strong resistance is seen in the vicinity of $60,465 and $62,278, where a notable number of addresses previously acquired BTC.
Moreover, the liquidation heatmap from CoinGlass highlights the accumulation of ask orders around $60,000, underscoring the significance of this level and the potential challenges it poses for further Bitcoin price appreciation.
Positive Signs for Future Price Movements
On a positive note, data shared by Kyledoop from CryptoQuant shows a rising futures sentiment index since the year’s inception. Historically, an uptick in this index precedes substantial price surges, hinting at promising developments on the horizon for Bitcoin’s price trajectory.
Invest Wisely
It’s important to note that this article does not serve as investment advice. All investment decisions come with inherent risks, and readers are encouraged to conduct thorough research before making any financial decisions in the volatile cryptocurrency market. Stay informed, stay secure, and seize opportunities wisely in the ever-evolving world of crypto trading.
