Bitcoin Price Prediction: Analyst Warns BTC Amidst Significant Breakout as Resistance Weakens
Bitcoin’s bull run continues as it surpasses the resistance at $69,000, indicating the potential for a major breakout. Despite a slight retracement, an analyst believes that this push could lead to even greater gains, as it marks the beginning of a breakout from a multi-month downtrend. This recent surge adds to Bitcoin’s overall growth, with a 10.23% increase since last Monday. The “Uptober” sentiment appears to be holding true, as altcoins also benefit from this upward trend. Bitcoin is currently attracting significant attention from investors, with trading volume doubling in the past 24 hours, reaching nearly $28 billion. Additionally, Bitcoin futures have reached an all-time high of $40.5 billion, indicating strong commitment from investors.
However, an analyst warns of a potential “retest” in progress. Rekt Capital, an influential pseudonymous trader, highlights significant developments on the Bitcoin chart, emphasizing a critical inflection point. Bitcoin is currently attempting to validate a breakout from a seven-month consolidation range after surpassing the upper bound resistance. While Rekt Capital expresses optimism that this resistance could turn into support, they caution that the Bitcoin price may dip slightly deeper into the green area to establish additional buy-side liquidity. Nonetheless, they maintain a bullish stance, stating that the downtrend is finally over with a decisive weekly close outside of the range. They also suggest that Bitcoin’s current breakout is just one chapter in a broader bullish narrative, citing past halving cycles and projecting a price target between $80,000 and over $160,000.
Analyzing the Bitcoin price chart further reveals a potential consolidation zone within a wider bullish flag pattern. This suggests that the recent multi-month downtrend may be a temporary pause in a larger upward trend. If the pattern materializes, Bitcoin could enter a parabolic rally with a target of around $86,000 by the end of the year. The recent correction following the breakout may be a cooldown period before Bitcoin resumes its upward trajectory. The MACD line crossing above the signal line further supports the potential for significant upticks in the Bitcoin price.
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Disclaimer: Investing in cryptocurrencies carries a high level of risk. This article is for informational purposes only and should not be considered investment advice. There is a possibility of losing all invested capital.