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Bitcoin’s price breakout could be delayed until October unless it manages to overcome the key $59.600 resistance.
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Based on a key technical setup, Bitcoin (BTC) is on track to a breakout to $87,000 by 2025, while BTC price is trapped under a crucial short-term resistance line.
Bitcoin setup targets $87K
Bitcoin is on track to $87,000 in early 2025, according to the Power Law Corridor, writes popular analyst TItan of Crypto, in an Aug. 29 X post:
“Bitcoin $87,000 Blue Line Target. BTC seems to be consolidating, preparing to target the blue line of the Power Law Corridor.”
BTC/USD, Power Law Corridor. Source: Titan of Crypto
The Power Law Corridor measures the correlation between Bitcoin price and time, often used by long-term holders.
Other analysts are also eying a potential breakout, including Trader Tardigrade, who wrote in an Aug. 30 X post:
“Bitcoin has been supported by Gaussian Channel since Jan 2023. After leaving the lower channel, a Massive Bull Run follows.”
Bitcoin, Gaussian Channel. Source: Trader Tardigrade
The Gaussian Channel is a technical indicator used by traders to define price trends. Its upper and lower channels encapsulate an asset’s price action.
Related: Can Bitcoin get a green monthly close above $64.3K?
Bitcoin must overcome $59.6K resistance
Despite the optimistic long-term predictions, Bitcoin is currently trapped under a key resistance line.
Bitcoin needs to reclaim $59,600 to gain more upside momentum, wrote Titan of Crypto, in an Aug. 30 X post:
“If BTC reclaims $59,600 and breaks through the cloud twist, the clouds would flip from resistance to support. This might trigger an upward move.”
BTC/USD, 1-day chart. Ichimoku Analysis. Source: Titan of Crypto
Bitcoin’s price breakout could be delayed until October, according to market analyst Elja Boom.
The analyst wrote in an Aug. 30 X post:
“No signs of breakout yet. Consolidation could happen till October before breakout. I’m confident of a breakout in Q4 but before that, there’ll be some more choppiness!
Bitcoin bull flag, breakout Q4. Source: Elja Boom
Related: $3K Ethereum price breakout likely delayed until October
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
