{"id":650749,"date":"2024-10-31T00:00:43","date_gmt":"2024-10-31T00:00:43","guid":{"rendered":"https:\/\/uniquehot.com\/?p=650749"},"modified":"2024-10-30T12:52:52","modified_gmt":"2024-10-30T12:52:52","slug":"bitcoin-boom-is-btc-preparing-for-another-6x-to-462000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-boom-is-btc-preparing-for-another-6x-to-462000\/","title":{"rendered":"Bitcoin Boom: Is BTC Preparing For Another 6X To $462,000?"},"content":{"rendered":"

Bitcoin is marching higher, easing past $70,000 and $72,000 in the past two days, sparking a wave of demand. Although prices are moving within a tight range at spot rates, the uptrend remains. While there are pockets of weakness, at least seen earlier today, candlestick formation in the daily and weekly charts point to strength.<\/span><\/p>\n

Is Bitcoin Preparing For A 6X Surge To $462,000?<\/span><\/h2>\n

In a post on X, one analyst <\/span>thinks<\/span><\/a> Bitcoin will not only break above its all-time high at $74,000 but can easily 6X to over $462,000 in the coming sessions. To support this outlook, the analyst said the coin is breaking out above key resistance levels, and Fibonacci extension levels mirror this shift in trend after the Q3 2024 plunge.<\/span><\/p>\n

Related Reading: Bitcoin Needs Daily Close Above $76,000 To Confirm True Breakout: Analyst<\/a><\/div>\n

Based on the analyst’s assessment, historical price action shows that BTC peaks between the 1.618 and 2.272 Fibonacci extension levels. Technical analysts use this tool to project how fast prices will rally or drop based on a given range.<\/span><\/p>\n

\"BTC
BTC to $462,000 | Source: @ali_charts via X<\/figcaption><\/figure>\n

If history guides and the Fibonacci extension levels remain valid, applying the same pattern to the current cycle could easily see Bitcoin soar to between $174,000 and $462,000. These two levels mark the\u00a0extension levels’ lower and upper limits that define past cycles’<\/a> peak zone<\/span>. <\/span><\/p>\n

As bullish as this forecast is, it should be known that the range anchoring any Fibonacci extension is subjective. For this reason, it will change depending on the analyst, meaning potential peaks will shift accordingly.<\/span><\/p>\n

\"Bitcoin
Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

Despite everything, the consensus is that Bitcoin could break and reach new all-time highs in Q4 2024. Taking to X, another analyst said Bitcoin is already within a bullish breakout formation, easing above a descending channel or bull flag. At the same time, prices are breaking above the resistance of a “cup and handle” pattern. <\/span><\/p>\n

Institutions Buying As BTC Recovers<\/span><\/h2>\n

If bulls take over, pushing prices higher, the evolution would confirm gains of Q1 2024. Subsequently, it would mark the resumption of bulls, an encouraging development following the 30% drop from March highs.\u00a0\u00a0<\/span><\/p>\n

Related Reading: Dogecoin Metrics Reveal Increasing Network Activity \u2013 Is DOGE Ready To Break Yearly Highs?<\/a><\/div>\n

Amid this wave of optimism, institutions are also pouring in, getting exposure via spot Bitcoin ETFs. According to <\/span>SosoValue<\/span><\/a>, there are massive inflows as institutions buy more shares on behalf of their clients. <\/span><\/p>\n

\"Spot
Spot Bitcoin ETF net flows | Source: SosoValue<\/figcaption><\/figure>\n

On October 29, spot Bitcoin ETF issuers in the United States bought $870 million worth of shares backed by BTC for their clients. BlackRock’s IBIT received $642 million, pushing their BTC under management to over $24.9 billion. <\/span><\/p>\n

Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is marching higher, easing past $70,000 and $72,000 in the past two days, sparking a wave of demand. Although prices are moving within a tight range at spot rates, the uptrend remains. While there are pockets of weakness, at least seen earlier today, candlestick formation in the daily and weekly charts point to strength. Is Bitcoin Preparing For A 6X Surge To $462,000? In a post on X, one analyst thinks Bitcoin will not only break above its all-time high at $74,000 but can easily 6X to over $462,000 in the coming sessions. To support this outlook, the analyst said the coin is breaking out above key resistance levels, and Fibonacci extension levels mirror this shift in trend after the Q3 2024 plunge. Related Reading: Bitcoin Needs Daily Close Above $76,000 To Confirm True Breakout: Analyst Based on the analyst’s assessment, historical price action shows that BTC peaks between the 1.618 and 2.272 Fibonacci extension levels. Technical analysts use this tool to project how fast prices will rally or drop based on a given range. If history guides and the Fibonacci extension levels remain valid, applying the same pattern to the current cycle could easily see Bitcoin soar to between $174,000 and $462,000. These two levels mark the\u00a0extension levels’ lower and upper limits that define past cycles’ peak zone. As bullish as this forecast is, it should be known that the range anchoring any Fibonacci extension is subjective. For this reason, it will change depending on the analyst, meaning potential peaks will shift accordingly. Despite everything, the consensus is that Bitcoin could break and reach new all-time highs in Q4 2024. Taking to X, another analyst said Bitcoin is already within a bullish breakout formation, easing above a descending channel or bull flag. At the same time, prices are breaking above the resistance of a “cup and handle” pattern. Institutions Buying As BTC Recovers If bulls take over, pushing prices higher, the evolution would confirm gains of Q1 2024. Subsequently, it would mark the resumption of bulls, an encouraging development following the 30% drop from March highs.\u00a0\u00a0 Related Reading: Dogecoin Metrics Reveal Increasing Network Activity \u2013 Is DOGE Ready To Break Yearly Highs? Amid this wave of optimism, institutions are also pouring in, getting exposure via spot Bitcoin ETFs. According to SosoValue, there are massive inflows as institutions buy more shares on behalf of their clients. On October 29, spot Bitcoin ETF issuers in the United States bought $870 million worth of shares backed by BTC for their clients. BlackRock’s IBIT received $642 million, pushing their BTC under management to over $24.9 billion. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":611155,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,679,768,7720,1119,78790,91201,89583],"class_list":["post-650749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-price","tag-bitcoin-trading","tag-blackrock","tag-btc","tag-btcusdt","tag-ibit","tag-spot-bitcoin-etfs"],"acf":[],"yoast_head":"\nBitcoin Boom: Is BTC Preparing For Another 6X To $462,000?<\/title>\n<meta name=\"description\" content=\"Bitcoin is up, breaking $72,000 and $73,000 in the past two days. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/uniquehot.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Boom: Is BTC Preparing For Another 6X To 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