Observant crypto strategists believe that if BTC can convincingly regain key price points, Bitcoin will generate further bullish momentum.
Pseudonymous analyst Immortal told his 216,500 followers on social media platform X that all eyes are on Bitcoin after BTC soared above $63,000 yesterday.
The trader noted that Bitcoin started October at around $63,000 and said if the price level holds, Bitcoin will rise further.
“Uptober resumes above $63,000”
Bitcoin. ”
Yesterday, Bitcoin rose to a 24-hour high of $64,458. The top cryptocurrency by market cap has since corrected and is trading at $62,485 at the time of writing.
Zooming out, Inmortal sees Bitcoin likely to follow in the footsteps of October 2023 price action. The trader shared a chart that suggests Bitcoin is on the brink of a major breakout after more than six months of sideways movement.
“October 2023 and 2024.
Both had 200 days of prior accumulation.
Bitcoin. ”
Looking at the trader's chart, he seems to be suggesting that Bitcoin is currently in the final stages of consolidation before causing a breakout, which occurred last year when Bitcoin was trading near $20,000. Similar to what happened.
According to Immortal, if Bitcoin successfully moves above the resistance zone, the pattern will be confirmed.
“Over $64,000 = new all-time high.
Bitcoin. ”
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