Bitcoin is on the verge of breakout
Updated
Hello traders,
Recently Bitcoin price broke important resistance levels and reached its highest point since late July. Bitcoin has a good chance to rise above 70k in the coming weeks but before that it should break a huge resistance area at 69k-70k.
Let's dive into what we can expect from BTC price action in the coming weeks.
First of all, historically, Q4 is the time when BTC performs best. This becomes even more true in the year of halving. If history repeats itself then we can expect the beginning of the bull run in coming weeks.
Secondly, Bitcoin always starts a bull run after the US election, regardless who wins.
This was true in 2012, 2016 and 2020. Most likely this will remain true in 2024.
Also, Bitcoin price broke out from a downtrend channel in which it was trading for over six months. Whether this was a false breakout or not time will tell but in any case this is a very important sign for bulls as before BTC price couldn't do it for a prolonged period of time and finally managed. At the moment it's highly important for the BTC price to stay above 66k in order to continue the rise. Until BTC is trading above 66k I consider it to be bullish.
What can go wrong?
The main thing that can hinder Bitcoin price rise is the political situation in the Middle East. Mostly possible war between Iran and Israel. If there won't be an escalation between Iran and Israel then we should see the BTC price rise to new highs soon.
Another thing to consider is that Bitcoin struggles to break the 69k area for three years. Even though BTC set a new ATH at 74k, the main resistance still lies at 69k and this might be a big problem for bulls. Let's see if the BTC price manages to rise above 70k but if history repeats then we should see a strong breakout above that area.
Please, do not forget to boost this idea and leave your comments below, thanks.
Recently Bitcoin price broke important resistance levels and reached its highest point since late July. Bitcoin has a good chance to rise above 70k in the coming weeks but before that it should break a huge resistance area at 69k-70k.
Let's dive into what we can expect from BTC price action in the coming weeks.
First of all, historically, Q4 is the time when BTC performs best. This becomes even more true in the year of halving. If history repeats itself then we can expect the beginning of the bull run in coming weeks.
Secondly, Bitcoin always starts a bull run after the US election, regardless who wins.
This was true in 2012, 2016 and 2020. Most likely this will remain true in 2024.
Also, Bitcoin price broke out from a downtrend channel in which it was trading for over six months. Whether this was a false breakout or not time will tell but in any case this is a very important sign for bulls as before BTC price couldn't do it for a prolonged period of time and finally managed. At the moment it's highly important for the BTC price to stay above 66k in order to continue the rise. Until BTC is trading above 66k I consider it to be bullish.
What can go wrong?
The main thing that can hinder Bitcoin price rise is the political situation in the Middle East. Mostly possible war between Iran and Israel. If there won't be an escalation between Iran and Israel then we should see the BTC price rise to new highs soon.
Another thing to consider is that Bitcoin struggles to break the 69k area for three years. Even though BTC set a new ATH at 74k, the main resistance still lies at 69k and this might be a big problem for bulls. Let's see if the BTC price manages to rise above 70k but if history repeats then we should see a strong breakout above that area.
Please, do not forget to boost this idea and leave your comments below, thanks.
Note
Bitcoin price reached 71k which is very good for the bulls.
BTC price made another higher high topping previous high from July. This is very important for continuation of the uptrend.
Now Bitcoin is entering the resistance area at 71k-74k but this time it has a chance to set a new ATH.
Note
Bitcoin price almost reached ATH and then corrected after that.
So far Bitcoin looks extremely bullish and we can expect it to make a new ATH soon.
Another important thing to do for Bitcoin is to close the monthly candle above 71k level.
If this happens then it will be a huge signal for continuation of the uptrend in November.
Note
After almost reaching ATH Bitcoin price is retracing.
At the moment 69k serves as a support area and until BTC is trading above that area we still can expect a new ATH soon.
But considering upcoming US elections we might see huge price swings in the coming week.
Trade closed: target reached
Bitcoin price reached its new ATH at 75k following the US election.
Considering that Trump basically won, we can expect continuation of the uptrend with the next target at 80k.
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