{"id":646419,"date":"2024-10-06T01:00:24","date_gmt":"2024-10-06T01:00:24","guid":{"rendered":"https:\/\/uniquehot.com\/?p=646419"},"modified":"2024-10-05T11:05:31","modified_gmt":"2024-10-05T11:05:31","slug":"crypto-analyst-predicts-bitcoin-price-will-hit-new-all-time-high-if-it-breaks-this-level","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-analyst-predicts-bitcoin-price-will-hit-new-all-time-high-if-it-breaks-this-level\/","title":{"rendered":"Crypto Analyst Predicts Bitcoin Price Will Hit New All-Time High If It Breaks This Level"},"content":{"rendered":"

Bitcoin, which started the month on a negative note, has begun to regain some positive momentum and is up by 1.66% in the past 24 hours. This recovery comes amid renewed optimism in the crypto space, as traders and investors remain hopeful for a <\/span>solid finish to the year<\/span><\/a>. In a recent post on social media platform X, popular crypto analyst Inmortal revealed Bitcoin is still on its<\/span> way to creating a new all-time high<\/span><\/a> very soon. The only thing the bulls need to do is to ensure a break above the $64,000 price tag.\u00a0<\/span><\/p>\n

Related Reading: Market Signals Hint At Bitcoin\u2019s Potential Fall To $52,000\u2014Analyst<\/a><\/div>\n

Bitcoin New All-Time High Coming Soon?<\/strong><\/h2>\n

The general consensus is that <\/span>Bitcoin is going bullish in October<\/span><\/a>, although different analysts have varying outlooks as to how this will happen. Taking to his social media account, Inmortal noted that the only prerequisite for a new Bitcoin all-time high is for the price to break above $64,000. According to an accompanying Bitcoin\/TetherUS chart, this price level is situated just above the October monthly open. This means a sustained break above $64,000 would nonetheless translate to a green monthly close in October.\u00a0<\/span><\/p>\n

\n

Breakout above 64k = New ATH$BTC<\/a> pic.twitter.com\/mUvDN5sTyi<\/a><\/p>\n

\u2014 Inmortal (@inmortalcrypto) October 4, 2024<\/a><\/p><\/blockquote>\n

Interestingly, Inmortal had noted in <\/span>an earlier X post<\/span><\/a> that Bitcoin’s drop from $66,000 on September to $60,000 on October 2nd feels like the flagship digital asset has reached a local bottom. This is because Bitcoin seemed to retest this level three times before eventually rebounding upwards. However, he did clarify that this is only based on a hunch because there is no market structure break or confirmation yet. Interestingly, this local bottom sentiment<\/span> is supported by analysis from<\/span><\/a> a CryptoQuant analyst known as \u201ccaueconomy.\u201d<\/span><\/p>\n

Bitcoin is now trading at $62,395. Chart: TradingView<\/a><\/figcaption><\/figure>\n

Inmortal <\/span>further emphasized<\/span><\/a> that he is currently only interested in taking long positions on Bitcoin, and he has identified two specific entry points for these trades. The first opportunity would arise if Bitcoin retests the $60,000 low, providing a potential buying window at a key support level. The second entry point, according to his analysis, would be triggered by a breakout above the $63,000 price level.\u00a0<\/span><\/p>\n

What\u2019s Next For Bitcoin?<\/b><\/h2>\n

At the time of writing, Bitcoin is trading at $62,200 and has already gained 3.5% from the October 3 low. However, the flagship cryptocurrency is still down by 5.7% in seven days and there remains the <\/span>possibility of a break to the downside<\/span><\/a> in the short term.<\/span><\/p>\n

Related Reading: Injective (INJ) Down 20% As Market Retracement Forces Sell-Off<\/a><\/div>\n

Another popular crypto analyst known pseudonymously as Kaleo <\/span>suggests that t<\/span><\/a>here may be another retest of lower levels before Bitcoin resumes its upward trajectory. Specifically, he anticipates that Bitcoin could dip to around the $57,000 to $58,000 range, testing support in that area before ultimately reversing course and going higher for the rest of the month of October and after the US election in early November.<\/span><\/p>\n

Featured image from CNBC, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin, which started the month on a negative note, has begun to regain some positive momentum and is up by 1.66% in the past 24 hours. This recovery comes amid renewed optimism in the crypto space, as traders and investors remain hopeful for a solid finish to the year. In a recent post on social media platform X, popular crypto analyst Inmortal revealed Bitcoin is still on its way to creating a new all-time high very soon. The only thing the bulls need to do is to ensure a break above the $64,000 price tag.\u00a0 Related Reading: Market Signals Hint At Bitcoin\u2019s Potential Fall To $52,000\u2014Analyst Bitcoin New All-Time High Coming Soon? The general consensus is that Bitcoin is going bullish in October, although different analysts have varying outlooks as to how this will happen. Taking to his social media account, Inmortal noted that the only prerequisite for a new Bitcoin all-time high is for the price to break above $64,000. According to an accompanying Bitcoin\/TetherUS chart, this price level is situated just above the October monthly open. This means a sustained break above $64,000 would nonetheless translate to a green monthly close in October.\u00a0 Breakout above 64k = New ATH$BTC pic.twitter.com\/mUvDN5sTyi \u2014 Inmortal (@inmortalcrypto) October 4, 2024 Interestingly, Inmortal had noted in an earlier X post that Bitcoin’s drop from $66,000 on September to $60,000 on October 2nd feels like the flagship digital asset has reached a local bottom. This is because Bitcoin seemed to retest this level three times before eventually rebounding upwards. However, he did clarify that this is only based on a hunch because there is no market structure break or confirmation yet. Interestingly, this local bottom sentiment is supported by analysis from a CryptoQuant analyst known as \u201ccaueconomy.\u201d Inmortal further emphasized that he is currently only interested in taking long positions on Bitcoin, and he has identified two specific entry points for these trades. The first opportunity would arise if Bitcoin retests the $60,000 low, providing a potential buying window at a key support level. The second entry point, according to his analysis, would be triggered by a breakout above the $63,000 price level.\u00a0 What\u2019s Next For Bitcoin? At the time of writing, Bitcoin is trading at $62,200 and has already gained 3.5% from the October 3 low. However, the flagship cryptocurrency is still down by 5.7% in seven days and there remains the possibility of a break to the downside in the short term. Related Reading: Injective (INJ) Down 20% As Market Retracement Forces Sell-Off Another popular crypto analyst known pseudonymously as Kaleo suggests that there may be another retest of lower levels before Bitcoin resumes its upward trajectory. Specifically, he anticipates that Bitcoin could dip to around the $57,000 to $58,000 range, testing support in that area before ultimately reversing course and going higher for the rest of the month of October and after the US election in early November. Featured image from CNBC, chart from TradingView<\/p>\n","protected":false},"author":594,"featured_media":646432,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[166,428,1119,1144,6664],"class_list":["post-646419","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analysis-2","tag-bitcoin","tag-btc","tag-btcusd","tag-crypto"],"acf":[],"yoast_head":"\nAnalyst: Bitcoin Will Hit New All-Time High If It Breaks This Level<\/title>\n<meta name=\"description\" content=\"Bitcoin, which started the month on a negative note, has begun to regain some positive momentum and is up by 1.66% in the past 24 hours. 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