Bitcoin’s price has slowed over the past few days, falling to around $65,500 on the morning of Saturday, October 26. The leading cryptocurrency hasn’t been particularly impressive in a historically bullish October, but the next few days could be pivotal for the market. The future course of the currency.
After seemingly establishing support in the $65,000 area, BTC price appears to be poised to rise and possibly resume the bullish cycle. A popular cryptocurrency expert on social media platform X charted the market leader’s potential path to a new all-time high.
Can BTC price reach $78,000 before 2025??
In a new post on X, cryptocurrency analyst Ali Martinez said I painted New bullish forecast for Bitcoin price as October comes to a close. According to the expert, the flagship cryptocurrency could see a rally beyond its current record high price and around $78,000 before the end of 2024.
This bullish projection is based on the formation of a descending channel pattern on the daily Bitcoin price chart. A down channel is a chart in technical analysis that contains two main trend lines; The upper line acts as a resistance level and the lower line acts as a support level.
Source: Ali_charts/X
As shown in the chart shown, prices tend to move within this Descending channel over a period. This technical analysis pattern could indicate a continuation of a downtrend. Based on price action data, Bitcoin has continued within the current downward channel since March 2024.
However, a breakout of this channel can be used to identify a reversal or confirm the continuation of the market trend. If a breakout occurs from the upper trend line, this indicates that there may be a shift from a downtrend to an uptrend. On the other hand, a breakout through the lower trend line indicates a continuation of the trend.
Bitcoin price broke above the upper level and retested the upper trend line of its current channel, confirming the shift from bearish to bullish trend. Martinez noted in his post that after Bitcoin failed to break through the $65,000 support level, investors could see Bitcoin’s value jump to $72,000 before a brief correction to $69,000.
Ultimately, the cryptocurrency analyst believes that this short pullback is only a point away It rose 16% to $78,000 Zone for BTC price. Interestingly, the timeline for this bullish forecast coincides with a historically bullish Q4 period.
Bitcoin price at a glance
As of this writing, Bitcoin’s price is just above $67,000, reflecting an increase of just 1.3% over the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView