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Bitcoin price movement was characterized by Up and down The week just ended served as a reminder of the volatile nature of digital assets. According to price data, Bitcoin has just gone up Completed the retest From the downward sloping trend line which Limit price increases Since March.
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As EGRAG CRYPTO analyst pointed out, the only thing left is to close the entire body on the weekly time frame. This close will be pivotal in determining the next phase of Bitcoin’s price movement, which could pave the way for a rally into new price zones.
Bitcoin has completed a retest of the trend line
Bitcoin price technical analysis indicates a breakout of the resistance trend line in mid-October. Although this breakout saw the cryptocurrency surpass the $68,000 mark for the first time in three months, the consolidation shortly after suggests the work is far from done.
However, Bitcoin started the just ended week well. In particular, Bitcoin rose in the last three days of October from $66,900 on October 27 until it reached $73,540 on October 29. This represents an increase of about 10% in just two days. Interestingly, this was enough to complete the successful breakout of this resistance trend line.
According to EGRAG CRYPTO, Bitcoin has successfully hacked and confirmed the retest phase. However, The breach indicated by the analyst It is located on a larger time frame on the weekly candlestick chart. Looking at the Bitcoin price chart below, the initial breakout observed by EGRAG CRYPTO dates back to February 2024, when the top coin topped $47,000.
What this means is that when looking at the weekly time frame, Bitcoin’s journey to the all-time high of $73,737 on March 14, the correction to the low of $49,800 on August 5, and the recent return above $73,000 are all part of From a major breakout and retest move that took place over the last 38 weeks.
What’s next for Bitcoin?
This sequence of price movements paints a picture of Bitcoin’s resilience and the prevailing bullish sentiment among traders. According to EGRAG, the pattern is very bullish and the crypto is expected to continue this trend. In terms of the price target, the analyst suggested a potential rise to the $90,000 to $110,000 range by December 2024. This represents returns of 32% and 62%, respectively, from the $68,000 breakout. Interestingly, EGRAG also noted that the only thing left to confirm this trend is for the price to close the week in the green zone.
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At the time of writing, Bitcoin is trading at $68,500, down about 1.9% over the past 24 hours. This is a slight decline However, he did not seem to be deterred Overall bullish sentiment surrounds Bitcoin at the moment.
Featured image from CNBC, chart from TradingView