BTC completes retesting phase: Only one thing left to reach a price of $110,000 by December.
In the past week, the price action of BTC has been volatile, which reminds people of the volatility of this digital asset. According to price data, BTC has just completed a retest of the downtrend line, which has been limiting the price pump of BTC since March.
As analyst EGRAG CRYPTO pointed out, the only remaining thing is to close on the weekly time frame. This closing will be crucial for determining the next stage of Bitcoin price movement, potentially laying the foundation for entering a new price range.
Technical Analysis of BTC price indicates that in mid-October, BTC broke through the resistance trendline. Although this breakthrough is the first time this cryptocurrency has surpassed $68,000 in three months, the subsequent consolidation suggests that the breakout work is not yet complete.
However, Bitcoin started the week off well. In particular, Bitcoin pumped from $66,900 on October 27 to $73,540 on October 29 in the last three days of October. This means a pump of about 10% in just two days. Interestingly, this was enough to successfully break through this resistance trend line.
According to EGRAG CRYPTO, BTC has successfully broken through and confirmed the retesting phase. However, analysts pointed out that the breakthrough is within a larger timeframe on the weekly candlestick chart. Looking at the BTC price chart below, the initial breakthrough indicated by EGRAG CRYPTO can be traced back to February 2024, when the top Token broke through $47,000.
This means that, from a weekly time frame perspective, BTC reached a peak/historical high of $73,737 on March 14th, a low of $49,800 on August 5th, and the recent breakthrough of $73,000, all of which are part of a large-scale breakthrough and retest trend in the past 38 weeks.
This series of price movements depicts the resilience of Bitcoin and the generally bullish sentiment of traders. According to EGRAG, this pattern is very bullish, and he expects Crypto Assets to continue this trend. In terms of price targets, the analyst believes that by December 2024, the BTC price could rise to a range of $90,000 to $110,000. This represents returns of 32% and 62%, respectively, from the breakthrough of $68,000. Interestingly, EGRAG also points out that the only thing left to prove this trend is for the price to close in the green zone this week.
The BTC trading price is $68,500, which has dropped about 1.9% in the past 24 hours. However, this slight pullback does not seem to dampen the overall bullish sentiment of BTC at the moment.
(Data Source: Scott Matherson)