Bitcoin made a quick jump from below $59,500 to around $63,400. The leading cryptocurrency made waves in the market with this move! Although it has retreated to around $62,700, this marks a significant increase on the day. Could this mean that Bitcoin is poised for even bigger moves ahead? One popular analyst points to a critical level for BTC. The analyst expects a new ATH and a run for altcoins after that.
BTC needs to break this level for ATH and a new run!
As you have been following on Kriptokoin.com, Bitcoin recently dropped below $59,500. However, the leading cryptocurrency quickly bounced back and showed a strong movement. Popular analyst Michael Van de Poppe believes that this trend could lead to further price increases in the coming days. In this context, the analyst explains the following explanation accompanied by a chart:
Bitcoin took the liquidity below $59.5k and rose rapidly. Probably a few days of consolidation will increase significantly before next week. The break of $64k/$65k is the big break we are looking for before new ATH tests and altcoin runs take place.
The analyst suggests that Bitcoin will consolidate for a few days before starting a significant rally next week. It is crucial that key resistance levels between $64,000 and $65,000 are breached as it could signal a major shift in the market. If this happens, it will open the doors for all-time highs. Also, a surge in the altcoin markets will become possible. Due to the current price fluctuations and the potential for a bullish trend, investors are closely watching Bitcoin’s movements. If this breakout materializes, it is likely to signal a broader market rally that will benefit various altcoins.
Bitcoin price analysis
As of now, Bitcoin is trading around $63,000 and the 100-hour simple moving average. Due to the bearish trend line that formed at this level, it is possible that it could face resistance around $63,620. Meanwhile, the first major resistance is at $66,650, the 50% Fibonacci retracement level of the recent drop. According to analysts, if BTC breaks above $63,650, the next key resistance will be $64,000.
Bitcoin and altcoins made a strong comeback
Earlier this week, Bitcoin fell below $60,000 as US CPI data surged. However, the BTC price rebounded strongly afterwards, approaching $63,000. However, despite the current volatility, Bitcoin whales have continued to accumulate BTC at every opportunity. Since March this year, whales have accumulated a total of 1.5 million Bitcoins. This amounts to about 7% of the total circulating supply. On the other hand, successful Bitcoin ETFs have accumulated more than 5% of the total supply. This shows strong institutional demand. Despite the volatility, big players like BlackRock and Metaplanet have been accumulating BTC over the past few weeks.
Besides Bitcoin, altcoins also showed signs of a comeback with Ethereum (ETH) rising 1.65%, while BNB, Solana (SOL) and Dogecoin (DOGE) were up 3% each. With the global money supply (M2) increasing, market analysts predict that Bitcoin will follow this trajectory and reach at least $90,000 by the end of the year. So far, October has been a dull month for BTC traders. There are also few signs of an ‘Uptober’ rally in the near term.
Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channelto stay up to date with breaking news !