Will Bitcoin’s Rally Reach $69,848 This Weekend?
Bitcoin is experiencing a bullish recovery, gaining momentum in its upward trend. The cryptocurrency saw a 7.5% jump last week, following a 7.77% recovery the week before.
As the recovery rally gains strength, the price of Bitcoin has increased by 7.88% since September 1, starting at an opening price of $58,967. Additionally, this high-momentum recovery rally is likely to offset the 8.74% drop in August 2024.
However, the short-term bull run in Bitcoin is still within the consolidation range that began in March 2024. Despite this, with multiple monthly candles showing lower price rejections, there are indications that Bitcoin’s price action may surpass its all-time high of $73,794.
Resurfacing Bitcoin Halving Years Pattern
A well-known crypto analyst, Ali Martinez, recently pointed out the similarities in Bitcoin’s price trend during halving years. The second halving in 2016 saw a 61% rise in BTC prices in Q4.
Similarly, during the third halving in 2020, Bitcoin gained 171% in the last quarter of the year. Now, in 2024, there seems to be a similar price action, following the trend of halving years.
Based on this observation, it is likely that Bitcoin’s price will skyrocket in the next three months of 2024. Furthermore, data from Coinglass shows that Bitcoin has recorded significant gains in October for the past five years.
For example, in 2023, the BTC price increased by 28.52% in October. In 2021, it jumped by 39.93%, and in 2020, it saw a 27.7% increase. Even during the halving year of 2016, Bitcoin’s price rose by 14.71% in October. This suggests that Bitcoin’s price is likely to continue its bullish trend.
Bitcoin’s V-shaped Recovery Targets $69K
The short-term price action of Bitcoin, as seen in the 4-hour chart, shows a V-shaped recovery, with the challenge now at the neckline of $64,600. If a breakout occurs, Bitcoin’s price will likely test the resistance level of $69,848 by the end of this week.
There is an intermediate resistance level at $66,560, which could lead to a retest of the breakout at $64,600. On the other hand, crucial support levels for Bitcoin are at $61,451 and $57,681.
Technical indicators also support the possibility of an upward move for Bitcoin. The MACD indicator shows a potential positive crossover between the MACD and signal lines.
Additionally, the 200 and 100 SMA in the 4-hour chart are bullish and poised for a positive crossover. This further strengthens the bullish sentiment in Bitcoin’s short-term dynamics.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed are solely those of the author and do not necessarily reflect the opinions of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.
