Bitcoin bulls charge toward $72K as analysts set 6-figure BTC price targets
2024.10.29 05:19
Bitcoin (BTC) price is up 5% on Oct. 29, breaking through the $70,000 mark and leading traders to set ambitious targets for BTC moving forward.
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin rose from a low of $67,541 on Oct. 29, climbing 5.86% to set a 20-week high at $71,500 on Oct. 29.
BTC/USD daily chart. Source: TradingView
Accompanying Bitcoin’s price performance is a 148% leap in trading volume, which stands at $47.5 billion at the time of publication, nearly doubling the volumes seen on Oct. 28, according to data from CoinMarketCap.
The move led to over $78 million in shorts being liquidated in the past 24 hours, which may have contributed to a price spike higher as traders closed losing bets, CoinGlass data shows.
“One last hurdle” for Bitcoin before new all-time highs
Bitcoin’s ongoing rally has seen the price flip key areas into potential strong support, namely the $70,000 psychological level.
“One last hurdle before price discovery,” declared popular Bitcoin analyst Jelle in an Oct. 29 post on X.
Jelle was referring to the supply zone between the $72,000 mark and the all-time high at $73,835.
BTC/USD weekly chart. Source: Jelle
Similar observations were made by fellow analyst Amber_D who spotted Bitcoin trading above $71,000 and said:
“BTC is heading back to the strong resistance zone at around $71k – $73k.”
Data from CoinGlass reveals ask orders worth more than $35.7 million sitting just above the $72,000 level, reinforcing the importance of this level to bears.
Bitcoin liquidation heatmap. Source: CoinGlass
However, the resistance Bitcoin faces in its recovery path is relatively weaker compared to the support it enjoys on the downside. The in/out of the money around price (IOMAP) metric from IntoTheBlock below 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 up.
Bitcoin IOMAP chart. Source: IntoTheBlock
This means that if Bitcoin price produces a decisive close above the $72,00 level, it will likely enter price discovery above the all-time high of nearly $74,000 set in March 2024.
BTC price breakout could result in six-figures
Bitcoin’s performance on Oct. 28 has sparked optimism among analysts who are now making predictions on how high BTC price can go during this cycle.
Veteran trader Peter Brandt says that BTC’s price action presented three scenarios based on two chart patterns: a 5-month inverted expanding triangle and a historical pattern based on Bitcoin halvings.
Related: Bitcoin headed for ‘perfect storm’ to new all-time high — Bitfinex
The first one involved a measured move from the triangle with the target set at $94,000.
The second scenario involved a swing target determined by projecting the November 2022 low to March 2024 high upward from the Aug. 5 low, as shown in the chart below. This places BTC’s price target just below $235,000.
BTC/USD weekly chart. Source: Peter Brandt
Brandt also presented a “beautiful symmetry of past BTC bull market cycles,” projecting the bull market cycle high to occur in late August 2025 or early September 2025 setting the peak within the $130,000 to $150,00 range.
“The X on the chart marks the probably high date and price level.”
BTC/USD weekly chart. Source: Peter Brandt
Meanwhile, pseudonymous analyst Dyme said that a $150,000 price target was “perfectly possible” for Bitcoin according to their Pi Cycle analysis.
Source: Dyme
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
