Bitcoin Price Reaches $65,000 Support Level, Primed for Potential Surge to $78,000, Analysis Shows | Bitcoinist.com
The Bitcoin price has slowed down over the last few days, crashing to around $65,500 on the morning of Saturday, October 26. The premier cryptocurrency has not particularly impressed in the historically bullish month of October, but the next few days could be pivotal to the coin’s future trajectory.
Having seemingly established support in the $65,000 region, the BTC price appears to be gearing for a run to the upside and potentially resuming the bull cycle. A popular crypto pundit on the social media platform X has sketched the possible route of the market leader to a new all-time high.
Can BTC Price Reach $78,000 Before 2025?
In a new post on X, crypto analyst Ali Martinez has painted a new bullish outlook for the Bitcoin price as the month of October draws to a close. According to the expert, the flagship cryptocurrency could witness a rally beyond its current record-high price and towards $78,000 before the end of 2024.
This bullish projection is based on the formation of a descending channel pattern on the daily Bitcoin price chart. A descending channel is a chart formation in technical analysis comprising two major trendlines; the upper line serving as the resistance and the lower line serving as the support level.
Source: Ali_charts/X
As seen in the highlighted chart, prices tend to move within this descending channel over a period. This technical analysis pattern can suggest the continuation of a downward trend. Based on price action data, BTC has persisted within the current descending channel since March 2024.
However, a breakout of this channel can be used to identify the reversal or confirm the continuation of a market trend. If a breakout occurs to the upside of the upper trendline, it suggests that there might be a shift from a downtrend to an uptrend. A breakout across the bottom trendline, on the other hand, signals trend continuation.
The Bitcoin price has broken above and retested the upper trendline of its current channel, confirming a shift from a downtrend to an uptrend. Martinez noted in his post that after BTC failed to breach the $65,000 support, investors could see the value of Bitcoin jump to $72,000 before a brief correction to $69,000.
Ultimately, the crypto analyst believes this short pullback will only precede a 16% rally to the $78,000 region for the BTC price. Interestingly, the timeline of this bullish projection coincides with the historically bullish fourth-quarter period.
Bitcoin Price At A Glance
As of this writing, the price of Bitcoin sits just above $67,000, reflecting a mere 1.3% increase in the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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