Bitcoin Price Prediction: Here’s Why Breaking $64,500 Could Send Bitcoin Soaring to $70K
Anjali Belgaumkar25 Sept 20242 min read
Bitcoin is at a critical juncture. The long-term trend remains bearish, but short-term indicators show potential for bullish movement. If Bitcoin can break through the key resistance levels soon, it could signal a reversal. However, failing to do so may confirm the bearish divergence, resulting in more downward pressure in the coming weeks.
According to analyst Josh of Crypto World, for a long-term bullish trend, a confirmed breakout above the long-standing resistance line is necessary. This resistance has kept Bitcoin’s price down for the past six months and currently sits just below $68,000. Until Bitcoin breaks through this resistance, the upward moves may just be short-term trends within a larger bearish market.
Bulls Vs Bears: Who Will Win?
Currently, Bitcoin is battling resistance between $64,100 and $64,500. If it manages to surpass this, the next major challenge lies around $67,000 to $68,000, the last hurdle before aiming for new all-time highs. On the downside, there’s support around $63,000, with more robust support at $60,000 to $61,000 if a pullback occurs.
The hidden bearish divergence adds complexity to the situation. This pattern arises when the price forms lower highs, but the RSI (Relative Strength Index) shows higher highs. While a red candle appeared on the chart, confirming the divergence, it’s still early to say if it will lead to a bigger downtrend.
Bitcoin Price Prediction: What’s Next?
The next few days will be crucial. If Bitcoin can break above $64,500 soon, this bearish divergence may be invalidated. However, if the price doesn’t move past this resistance within a week, the bearish divergence could gain strength, leading to a short-term downward trend.
The analyst said that Bitcoin’s liquidation heat map shows liquidity around $62,200. While there’s more liquidity on the downside, there’s also some building on the upside, starting around $64,800 and going up to $65,400. This means Bitcoin might face resistance if it tries to move higher.
He suggested that we might see a small drop toward $62,200 in the next day or two to clear this liquidity. After that, there’s still a chance Bitcoin could continue its short-term bullish trend.
