Bitcoin (BTC) saw a 5% increase in price on October 29, surpassing the $70,000 mark and prompting traders to set ambitious goals for BTC’s future. Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin climbed from a low of $67,541 on October 29, rising 5.86% to reach a 20-week high of $71,500 on the same day. Accompanying Bitcoin’s price surge was a 148% rise in trading volume, which currently stands at $47.5 billion, almost doubling the volumes seen on October 28, according to CoinMarketCap data. As a result, over $78 million in short positions were liquidated in the past 24 hours, potentially contributing to the upward price movement as traders closed losing bets, as shown by CoinGlass data.
Bitcoin’s ongoing rally has caused the price to establish strong support levels, particularly at the psychological level of $70,000. This has been seen as the “one last hurdle” before entering a phase of price discovery, according to popular Bitcoin analyst Jelle. Jelle referred to the supply zone between the $72,000 mark and the all-time high at $73,835. Fellow analyst Amber_D also observed Bitcoin trading above $71,000 and emphasized the significance of the $72,000 level, as ask orders worth over $35.7 million were detected just above it, indicating the importance of this level to bears.
However, the resistance faced by Bitcoin on its path to recovery is relatively weaker compared to the support it receives on the downside. The in/out of the money around price (IOMAP) metric from IntoTheBlock reveals 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. This suggests that if Bitcoin’s price decisively closes above the $72,000 level, it is likely to enter a phase of price discovery above the all-time high of nearly $74,000 set in March 2024.
The breakout in BTC price on October 28 has generated optimism among analysts who are now making predictions about how high the price can go during this cycle. Veteran trader Peter Brandt outlined 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 factors in a swing target determined by projecting the low from November 2022 to the high in March 2024 upward from the low on August 5, placing BTC’s price target just below $235,000. Brandt also highlighted the “beautiful symmetry of past BTC bull market cycles,” projecting the peak of the current bull market cycle to occur in late August 2025 or early September 2025, with the price ranging between $130,000 and $150,000.
Meanwhile, pseudonymous analyst Dyme stated that a price target of $150,000 is “perfectly possible” for Bitcoin based on 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.