Bitcoin (BTC) experienced a 5% increase in price on October 29th, surpassing the $70,000 milestone and inspiring traders to set ambitious goals for BTC in the future.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin climbed 5.86% from a low of $67,541 on October 29th, reaching a 20-week high of $71,500 on the same day.
Accompanying Bitcoin’s price surge is a significant 148% rise in trading volume, which currently stands at $47.5 billion, almost twice the volume seen on October 28th, as reported by CoinMarketCap.
This increase in price led to the liquidation of over $78 million in short positions within the past 24 hours. This may have contributed to the upward spike in price as traders closed their losing bets, according to data from CoinGlass.
Analysts believe that Bitcoin still has one major obstacle to overcome before reaching new all-time highs. Popular Bitcoin analyst Jelle referred to a supply zone between the $72,000 mark and the previous all-time high of $73,835 as “one last hurdle” for Bitcoin’s price discovery.
Fellow analyst Amber_D also observed Bitcoin trading above $71,000 and emphasized the significance of the $72,000 level, noting ask orders worth more than $35.7 million just above it.
However, the resistance faced by Bitcoin on its path to recovery is relatively weaker compared to the support it enjoys on the downside. The in/out of the money around price (IOMAP) metric from IntoTheBlock shows that the support between $66,845 and $68,948 is stronger than the resistance around the $72,000 mark. In other words, the path of least resistance is upward.
If Bitcoin manages to decisively close above the $72,000 level, it is likely to enter price discovery above the previous all-time high of nearly $74,000 set in March 2024.
Bitcoin’s performance on October 28th has sparked optimism among analysts, who are now making predictions on how high the BTC price can go in this cycle. Veteran trader Peter Brandt presented three scenarios based on two chart patterns: a 5-month inverted expanding triangle and a historical pattern based on Bitcoin halvings.
The first scenario involves a measured move from the triangle, with the target set at $94,000. The second scenario determines a swing target by projecting from the August 5th low to the March 2024 high, resulting in a price target just below $235,000.
Brandt also pointed out the “beautiful symmetry of past BTC bull market cycles,” projecting the peak of the bull market cycle to occur in late August 2025 or early September 2025, within the range of $130,000 to $150,000.
Pseudonymous analyst Dyme also stated that a price target of $150,000 is “perfectly possible” for Bitcoin according to their Pi Cycle analysis.
It is important to note that this article does not provide investment advice or recommendations. All investment and trading decisions involve risk, and readers should conduct their own research before making any decisions.