The price of Bitcoin has fallen over the past few days, falling to around $65,500 on the morning of Saturday, October 26. The main cryptocurrency did not particularly impress in the month of October, but the next few days could be important for the coin in the future.
As we have established support in the region of $65,000, the price of BTC seems to be preparing to run to the top and possibly restart the bull cycle. Popular crypto expert on social media X has mapped out the market leader’s potential path to the top.
Can BTC Price Reach $78,000 Before 2025?
In a new post on X, crypto analyst Ali Martinez has drawn a new outlook for the price of Bitcoin as the month of October draws to a close. According to experts, the flagship cryptocurrency could witness a rally beyond its record high and reach $78,000 before the end of 2024.
This bullish prediction is based on the formation of a descending channel pattern on the daily Bitcoin price chart. A descending channel is a chart formation in technical analysis that consists of two main lines; the upper line acts as a resistance and the lower line acts as a support level.
Source: Ali_charts/X
As seen in the highlighted chart, prices tend to move within this long-term descending channel. This technical analysis pattern would suggest a continuation of the downtrend. Based on price action data, BTC has persisted within the current descending channel since March 2024.
However, the appearance of this channel can be used to identify a reversal or confirm the continuation of a market trend. If the breakout occurs above the upper trend line, it suggests that there may be a transition from a downtrend to an uptrend. A break between the bottom line, on the other hand, indicates the continuation of the trend.
Bitcoin price broke above and retested the upper trendline of its current channel, confirming the shift from bearish to bullish. Martinez noted in his post that after BTC failed to break the $65,000 support, investors could see the price of Bitcoin jump to $72,000 before a short correction at $69,000.
Finally, the crypto analyst believes that this short pull will only precede a 16% rally in the region of $78,000 for the price of BTC. Interestingly, the timeline for this bullish projection is consistent with the historic fourth quarter.
Bitcoin Price At A Glance
As of this writing, the price of Bitcoin sits just above $67,000, which represents just a 1.3% increase in the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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