Bitcoin to ‘break loose’ at $70K as ‘Uptober’ flips green
2024.10.14 09:47
Bitcoin has surged past $64,000 for the first time since Oct. 7, sparking speculation among crypto analysts that this could be the breakout moment market participants have been anticipating during October.
$70K the price level before Bitcoin will “break loose”
Although Bitcoin (BTC) regaining $64,000 doesn’t equal new highs or even long-term peaks, it has changed the sentiment among commentators following Bitcoin’s retrace to $59,000 on Oct. 10, in a month that’s historically one of Bitcoin’s strongest.
“It’s on the verge,” 10T Holdings founder Dan Tapiero opined in an Oct. 14 X post following Bitcoin rising above $64,000, a 3.16% gain since Oct. 13.
Bitcoin was trading at $64,872 at the time of publication. Source: TradingView
Tapiero suggested that once Bitcoin regains price levels it hasn’t seen in about four months, it may surge to unprecedented heights, which many traders have been hoping for in Q4.
“Break of 70k and h6ll gonna break loose,” Tapiero added. The last time Bitcoin crossed that price level was June 6, when it reached $71,082.
Tapiero pointed out that Bitcoin’s price is “just coiling and coiling,” a term traders use when an asset’s price tightens into a narrowing range. This often signals to traders that a breakout is potentially on the horizon.
Related: BTC price eyes sub-$65K hurdles as metric hints Bitcoin ‘going to rip’
Furthermore, the Bitcoin price gains of today have pushed October back into the green again, with Bitcoin up 2.48% since the start of the month.
Bitcoin’s “summer lull” behind us
Echoing a similar sentiment, pseudonymous crypto trader Jelle is confident that Bitcoin’s extended consolidation is ending.
Since the April 20 Bitcoin halving, Bitcoin has been consolidating within a wide range of from $58,000 to $72,000.
Pseudonymous crypto trader Jelle says Bitcoin is “pushing for new highs again.” Source: X/Jelle
“2 higher lows, a higher high & prices pushing for new highs again,” Jelle declared in an Oct. 14 X post.
“Summer lull is behind us. Let’s have some fun,” they added.
Meanwhile, crypto trader Matthew Hyland pointed out that Bitcoin’s 10-day Simple Moving Average (SMA) — which calculates the average price of Bitcoin over the last 10 daily candles — is “turning upward.”
Hyland added that “80%-90% of the time in 2024 when the 10 SMA was moving up, BTC price moved up.”
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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.
