Bitcoin Price Bull Rally: Key Levels to Watch for New All-Time High!
Vignesh S G15 Oct 20242 min read
October has historically been a good month for Bitcoin. Last year, the Bitcoin market saw an impressive rise of 28.5% during this month. At first, there were doubts about whether this October could meet those expectations. However, recent market behavior suggests it’s too early to rule anything out. In just the past seven days, the market has recorded a notable increase of 5.3%.
Yesterday, the BTC market broke last month’s high, reaching a new monthly peak of $66,096. The big question now is: Can this new momentum help the market rise above Bitcoin’s all-time high of $73,000? Let’s hear from the experts!
Crypto Experts Speak Out
Crypto expert Captain Faibik recently shared his optimistic view on BTC’s growth in a post on X. He highlighted the importance of the $68,000 resistance level, supported by a chart showing a wedge pattern. According to Faibik, if the market breaks above this wedge (or the $68K resistance), it could rise to between $88,000 and $90,000.
Another crypto expert, Michael van de Popple, also shared his thoughts on Bitcoin’s future in his X post. He acknowledged the current market consolidation but warned that BTC prices might dip to test key levels before continuing upward. He advised investors to keep an eye on critical levels, especially $64,000, suggesting that a test at this price could offer a great opportunity to go long for those expecting a Bitcoin all-time high.
Will Bitcoin Hit an All-Time High This Month?
As of yesterday, Bitcoin reached a peak of $66,096. However, looking at the daily BTC chart, we see a bearish candlestick, with the current price at $65,688, lower than the previous day’s closing price. Experts stress the need for the price to stay above $64,000. If this level holds as support and the price rebounds above the key resistance of $68,000, achieving an all-time high this month could be possible for BTC.
Challenges Could Arise
What if the price falls below key support levels? The start of October was tough for Bitcoin, with prices dropping as low as $60,323 on October 10. Therefore, all scenarios remain possible.
While it may be more realistic to expect an all-time high in November rather than October, as mentioned earlier, nothing can be ruled out completely.
The crypto world is abuzz with excitement. What are your expectations for Bitcoin in the coming months?
