Bitcoin’s price is up 16% from its recent low, with analysts predicting a potential breakout past $65,000 and new all-time highs. Is the BTC rally just beginning?
Bitcoin’s recent price movement has sparked optimism among analysts, as it has rebounded 16% from its September low. With the local market structure now showing bullish signals, many believe BTC is on a path toward new all-time highs. But will Bitcoin break past the critical $65,000 resistance?
Key Points:
Rebound from September Lows: Bitcoin bounced back 16% from its low of $52,546 on Sept. 6, sparking excitement for a potential bullish run.
Market Structure Shift: Independent analysts, including Jelle and Altstein Trader, note that Bitcoin’s local market structure shows bullish signs, with higher lows and a breakout above the previous high at $60,670.
Critical Resistance at $65,000: Analysts emphasize that Bitcoin faces stiff resistance at $65,000, which could be the key hurdle before reaching new all-time highs. A breakthrough here may set the stage for BTC to surpass its previous records.
Favorable Technical Indicators: Data from IntoTheBlock highlights significant supplier congestion at the $60,000 level, but analysts suggest that Bitcoin is strong enough to overcome this resistance and continue its upward trajectory.
Futures Sentiment Points to Growth: CryptoQuant’s futures sentiment index has shown a rise, which historically correlates with price surges, adding further confidence in the upward movement.
Bitcoin’s recent market action has reignited bullish sentiment, with its local market structure indicating the potential for new all-time highs. However, breaking through the $65,000 resistance level is key to maintaining momentum. With favorable technical indicators and strong historical correlations to growth, Bitcoin could be poised for a significant move upwards.
Source: Cointelegraph
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