Bitcoin surged past $64,000 for the first time since October 7, sparking speculation among cryptocurrency analysts that this could be the breakout moment market participants had been hoping for.
The price level before Bitcoin “breaks loose” is $70,000.
Bitcoin’s (BTC) recovery to $64,000 doesn’t equal a new high or a long-term high, but after a month in which it was one of the strongest Bitcoins in history, critics reacted to Bitcoin’s return to $59,000 on October 10th. My feelings have changed.
“We’re on the brink,” 10T Holdings founder Dan Tapiero said in an Oct. 14 post after Bitcoin rose above $64,000, up 3.16% since Oct. 13.
At the time of publication, Bitcoin was trading at $64,872. source: TradingView
Tapiero suggested that if Bitcoin regains price levels not seen in about four months, it could surge to the unprecedented heights many traders had been expecting in the fourth quarter.
“H6 will be released once we hit 70k,” Tapiero added. The last time Bitcoin crossed this price level was on June 6, when it reached $71,082.
Tapiero pointed out that the Bitcoin price is “just coiling and coiling,” a term used by traders when the price of an asset narrows into a narrow range. This often signals to traders that a breakout is likely to occur soon.
relevant: BTC price is eyeing a hurdle below $65,000, with indicators suggesting Bitcoin is about to ‘rip’.
Moreover, today’s Bitcoin price rise puts October back in the green, with Bitcoin up 2.48% since the start of the month.
Bitcoin’s “summer lull” is behind us
Echoing similar sentiments, anonymous cryptocurrency trader Jelle is confident that Bitcoin’s extended consolidation is over.
Since the Bitcoin halving on April 20, Bitcoin has consolidated within a wide range between $58,000 and $72,000.
Jelle, a pseudonymous cryptocurrency trader, said Bitcoin is “making new highs again.” Source: X/Jelle
“Two higher lows, a higher high and prices are heading towards the highs again,” Jelle declared in an X post on October 14.
“The summer lull is behind us. “Let’s have fun,” he added.
Meanwhile, cryptocurrency trader Matthew Hyland noted that Bitcoin’s 10-day simple moving average (SMA), which calculates the average price of Bitcoin over the past 10 days of daily candles, is showing an “uptrend.”
“BTC prices are up 80%-90% of the time in 2024 with the 10 SMA rising,” Hyland added.
magazine: 10 Cryptography Theories You Missed as Much as ‘Peter Todd is Satoshi’
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.