Bitcoin is holding steady above $68,000, but has yet to break out of the crucial $69,000 level. After several weeks of bullish price action, the market is watching for confirmation of a breakout from the seven-month cumulative pattern that has built significant momentum.
Top analyst Dern recently shared his insights, saying this breakout is now a reality and there is growing optimism among investors.
As Bitcoin continues its rally, many are predicting a small pullback followed by a strong rebound that could pave the way for a challenge to all-time highs near $73,000. The key level to watch remains $69,000, and if BTC can maintain its strength above this price, a surge to new highs is looking increasingly likely.
With the market brimming with optimism and the accumulation phase over, investors are keeping an eye on what's to come, hoping the next big rally will take shape soon.
Bitcoin’s weekly closing price is approaching
Bitcoin closed the week above $68,000, on track to hit its highest level since late July. The market remains bullish and optimism will fuel new targets for major cryptocurrencies in the coming weeks.
Dern, a top analyst and investor, recently shared his technical analysis on X, saying it confirms that Bitcoin has broken out of its previous price channel. “The breakout looks strong after the closing prices of the days above, and the week's closing prices are likely to confirm that as well,” Dern said.
As BTC continues to hold its ground, investors are bracing for potential volatility in the coming weeks, especially with the upcoming elections adding an element of uncertainty to the market. Despite this, Dern remains confident, stressing that Bitcoin's current chart looks promising despite the possibility of short-term disruption.
The next two weeks will be critical in determining the strength and pace at which Bitcoin approaches its new price target. A sustained close above $68,000 would solidify the bullish outlook, and many investors are waiting to see if Bitcoin can cross the $70,000 level and challenge all-time highs.
The entire market is watching as Bitcoin continues to gain momentum towards its next rally.
BTC technology level
Bitcoin is currently trading at $68,200 after a notable 9% rally since Monday. The weekly chart shows a bullish structure and BTC needs to break above the key $70,000 level to solidify this bullish outlook.
Such a breakout is likely to cause significant fear of missing out (FOMO) among investors eager to enter the market. If the price can break above $70,000, the next target will be an all-time high near $73,000, indicating strong upward momentum.
However, it also comes with risks. If BTC fails to break through the $70,000 resistance and falls below the $66,500 mark, the market could enter a sideways consolidation phase, or worse, a correction towards lower demand levels. This scenario could weaken the current bullish momentum and increase uncertainty for traders.
In summary, the coming days are crucial for Bitcoin. A decisive move above $70,000 could pave the way for a rally towards all-time highs, but failure to do so could result in a difficult period of price stagnation or downward correction. There is. Investors are closely monitoring these price levels to determine BTC's future direction.
Featured image from Dall-E, chart from TradingView
