A recent examination has revealed that Bitcoin (BTC) is on an upward trajectory, aiming for a new all-time high around the $76,000 mark.
As of today, October 30, 2024, Bitcoin continues to display a bullish trend, experiencing a significant increase in value over the past 24 hours. Currently, BTC is trading above $72,000, while the broader market for cryptocurrencies is stabilizing. Just yesterday, Bitcoin surpassed the notable $73,000 threshold, edging closer to its previous peak of $73,737.94.
In a technical analysis on TradingView, cryptocurrency analyst Melikatrader94 observed that Bitcoin is moving within an ascending channel, with its price action approaching the upper boundary, suggesting a strong bullish momentum.
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“Following a breakout above a long-term descending trendline, Bitcoin has maintained its position, indicating that what was once resistance is now serving as support. The next target zones include the resistance area around $74,000 to $76,000, which could signal potential bullish continuation patterns,” the analyst stated.
Source: TradingView/melikatrader94
The analysis highlighted that if Bitcoin successfully breaks through the $76,000 level, it could soar into the $80,000 range and beyond, further enhancing optimism for a robust upward trend, according to the analyst.
“Keep an eye on potential retests: Should Bitcoin experience a pullback, it may find support within the channel or near the previous breakout point, making these areas prime opportunities for entry,” he added.
At the time of this report, Bitcoin was priced at $72,401.12, reflecting a 0.8% increase in the last 24 hours. Over the past week, the cryptocurrency has appreciated by 8.6%.
Amidst the surge in Bitcoin’s value, U.S.-listed Bitcoin exchange-traded funds (ETFs) recorded over $870 million in net inflows on October 29, marking the third-largest inflow since their inception in January.
Disclaimer:
The opinions and insights expressed by the author or any individuals mentioned in this article are for informational purposes only and do not represent financial, investment, or other advice. Engaging in cryptocurrency trading or investment carries inherent financial risks.
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Bitcoin (BTC)
Cryptos