Bitcoin bulls charge towards $72,000 as analysts set six-digit BTC price target.

Bitcoin (BTC) price rose 5% on October 29, surpassing $70,000, leading traders to set ambitious targets for BTC.

Bitcoin rose 5.86% from its low of $67,541 on Oct. 29 to hit a 20-week high of $71,500 on Oct. 29, according to data from Cointelegraph Markets Pro and TradingView.

According to data from CoinMarketCap, trading volume rose 148% alongside Bitcoin’s price performance, reaching $47.5 billion at the time of publication, nearly double the volume on October 28.

The move led to the liquidation of more than $78 million in shorts in the past 24 hours, which may have contributed to the price surge as traders closed out losing bets, CoinGlass data shows.

Bitcoin’s “last hurdle” before hitting all-time highs

Bitcoin’s continued rally has pushed the price to reverse a key area towards a potentially strong support line, namely the psychological level of $70,000.

“This is the last hurdle before price discovery,” prominent Bitcoin analyst Jelle declared in a post on X on October 29.

Jelle cited a supply zone between the $72,000 mark and the all-time high of $73,835.

Fellow analyst Amber_D, who noticed Bitcoin trading above $71,000, made a similar observation, saying:

“BTC is heading back towards a strong resistance area around $71,000-$73,000.”

Data from CoinGlass shows over $35.7 million in ask orders sitting just above the $72,000 level, reinforcing the importance of this level for the downtrend.

However, the resistance Bitcoin faces during its recovery is relatively weak compared to the support it enjoys during the downtrend. IntoTheBlock’s Money Around Price (IOMAP) indicator below shows that support between $66,845 and $68,948 is stronger than resistance near $72,000. In other words, the path of least resistance is upward.

That said, if the Bitcoin price closes decisively above the $72,00 level, it is likely to enter price discovery beyond the all-time high of nearly $74,000 set in March 2024.

BTC price breakout could result in six-figure sums.

Bitcoin’s performance on October 28 has sparked optimism among analysts who are currently predicting how high the BTC price could rise during this cycle.

Veteran trader Peter Brandt says BTC’s price action presents three scenarios based on two chart patterns: a five-month inverted expanding triangle and a historical pattern based on the Bitcoin halving.

relevant: Bitcoin hits all-time high, headed for ‘perfect storm’ — Bitfinex

The first involved a measured move in the triangle with a target set at $94,000.

The second scenario included a swing target determined by projecting the November 2022 low upwards from the August 5 low, projecting the November 2022 low to the March 2024 high, as shown in the chart below. This puts the target price for BTC just below $235,000.

Brandt also presented a “beautiful symmetry of past BTC bull market cycles,” predicting that the bull market cycle high will occur in late August 2025 or early September 2025, peaking in the $130,000-$150,00 range.

“An X on the chart probably marks a high date and price level.”

Meanwhile, pseudonymous analyst Dyme said a $150,000 price target for Bitcoin was “perfectly possible,” according to Pi Cycle analysis.

This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.