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Cryptocurrency News Articles
Analyst ‘Confident’ Bitcoin Price Will Hit $70k Next: ‘No Pullback’ From Here
Oct 15, 2024 at 03:00 pm
After pumping over 5% on Monday and trading above $66k for a while, the Bitcoin price faced rejection there and is now trading in the $65.2-$65.5k range.
Bitcoin price encountered resistance at $66k after rallying over 5% on Monday, and is now trading between $65.2k and $65.5k.
After posting a viral Bitcoin chart on Monday morning, Altcoin Sherpa sparked discussion among crypto enthusiasts.
The chart, which displays 12-hour candles of BTC/USD on the Bitfinex exchange, shows strong bullish momentum with a clear upward trajectory. Bitcoin's price is currently consolidating after reaching a high of about $66,527.
This $66,527 mark represents a recent resistance level where BTC's price is testing. It aligns with past price peaks, and the current price action hovers slightly below it following a strong upward move.
Bitcoin Price: Key Levels to Watch
On the support side, a significant zone exists around $62,000. Bitcoin recently bounced off this region, suggesting it’s a strong demand zone. This support aligns with the consolidation phase seen in mid-September.
The overall trend remains bullish as BTC forms higher lows and higher highs. The BTC price seems to have broken out of a consolidation range below $63,000, signaling bullish continuation. Between mid-August and early September, a double-bottom pattern formed around $60,000, indicating a potential reversal from the previous bearish trend.
Volume spiked during the most recent price rally, showing strong buying pressure. Although volume has slightly diminished in the last few candles, it indicates that buyers are still interested at these levels.
Altcoin Sherpa's tweet states, “Feeling quite confident 70k is coming next. Don’t think we have that steep of a pullback from here.” This aligns with the chart analysis, where the expectation is that BTC could move towards $70,000 with limited pullbacks.
The trader's confidence seems grounded in the upward price action and the overall bullish trend.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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