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Traders expect Bitcoin downside price action to continue but also agree that in the coming weeks, $73,000 could occur “fairly quickly.”
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Bitcoin (BTC) analysts are eyeing targets just below its current all-time high of $73,679. However, they caution that despite the strong chart structure following its push above $69,000, the road ahead may be volatile.
Bitcoin “is looking incredibly strong right now on the technical front,” digital asset investment platform ZeroCap chief investment officer Jonathan de Wet wrote in an Oct. 22 analyst note viewed by Cointelegraph.
Bitcoin is trading at $67,054 at the time of publication, down 0.40% since Oct. 21. Source: TradingView
De Wet pointed out that Bitcoin has “broken” the descending trendline from June, an observation also pointed out by several other crypto analysts.
“We practiced patience for months. Uncharted territory, on the horizon,” pseudonymous crypto trader Jelle stated.
“Bitcoin price has been frustrating for many this last 7 months, but has actually allowed the price action to re-enter this zone,” BitLab Academy director Kelly Kallam added.
Short-term pullbacks a possibility, says analyst
However, crypto exchange Coinstash co-founder Mena Theodorou warned in an Oct. 21 market report that “geopolitical risks could also create short-term pullbacks, particularly after the recent turbulence in China and the Middle East.”
Bitcoin has reacted negatively to signs of geopolitical conflict in recent times. On Oct. 3, Cointelegraph reported that after a major missile strike by Iran targeting sites across Israel late on Oct. 1, Bitcoin’s price fell by nearly $4,000.
However, on Oct. 21, Bitcoin spiked above $69,000 for the first time since June 11, which Theodorou sees as a sign that the crypto market is “shaping up for a big week.”
Since then, it has retraced approximately 2.80%, trading at $67,054 at the time of publication.
Chop expected before Bitcoin breaks all-time highs
De Wet explained that once Bitcoin clears the $70,000 mark — which it hasn’t reached since June 7 — it’s likely to see a spike to $72,000 “fairly quickly.”
According to de Wet, breaking through its current all-time high of $73,679 reached in March won’t come without “some chop” along the way. He is confident of the asset breaking through that level before the end of 2024:
“Do we get above highs prior to the end of the year? We think so.”
Related: These 5 Bitcoin price metrics hint at a new all-time high in 2024
Theodorou noted that the surge “has been fueled” by the recent increase in demand for spot Bitcoin exchange-traded funds (ETF) within the US.
Between Oct. 14 and 18, Theodorou highlighted that Bitcoin ETF investors purchased the equivalent of 36,500 BTC, which he reiterated is “more than ten times the daily issuance of 450 BTC.”
“Essentially, we’re seeing investors buying BTC exponentially faster than it can be mined.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article first appeared at Cointelegraph.com News
