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Bitcoin price action is marked as up and down this week just concluded, it serves as a reminder of the volatility of digital assets. According to the price data, Bitcoin has just complete the retest of the descending line you have limited its price movements since March.
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As the analyst EGRAG CRYPTO pointed out, the only thing left is the complete shutdown of the body during the weekly period. This close will be crucial in determining the next phase of Bitcoin’s price action, potentially setting the stage for a rally in new price areas.
Bitcoin Completes Trendline Test
Technical analysis of the price of Bitcoin shows a break out of the resistance line in mid-October. While this breakout saw the crypto break above $68,000 for the first time in three months, the consolidation shortly thereafter suggested that the job was not yet done.
However, Bitcoin started the recent week in good form. In particular, BTC rallied in the last three days of October from $66,900 on October 27 until it reached $73,540 on October 29. This represented an increase of about 10% in just two days. Interestingly, this was enough to complete a successful breakout of this resistance style.
According to EGRAG CRYPTO, Bitcoin has successfully emerged and confirmed the re-examination stage. However, the rash noted by the reviewer it is in a larger period on the weekly candle chart. If you look at the Bitcoin price chart below, the first breakout noted by EGRAG CRYPTO goes back to February 2024, when the top coin exploded above $47,000.
What this means is that when you look at the weekly time frame, Bitcoin’s trip to the peak / all-time high of $73,737 on March 14, the correction to the low of $49,800 on August 5, and the recent return above $73,000 are all part of the same move the biggest and retest that has played for the past 38 weeks.
What’s Next for Bitcoin?
This sequence of price movements paints a picture of Bitcoin’s strength and bullish sentiment among traders. According to EGRAG, the pattern is super bullish and he expects the crypto to continue this run. Regarding the target price, the analyst suggested a possible increase in the range of $ 90,000 to $ 110,000 in December 2024. This represents a 32% and 62% return, respectively, from the $ 68,000 exit. Interestingly, EGRAG also noted that the only thing left to confirm this run is for the price to close the week in the green.
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At the time of writing, Bitcoin is trading at $68,500, down about 1.9% in the last 24 hours. This little pull back, however, it doesn’t seem to block it overall bullish sentiment surrounding Bitcoin at the moment.
Featured image from CNBC, chart from TradingView
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