Bitcoin Price Approaches $72K with Analysts Forecasting Six-Figure Targets

Cryptonews Sophia Klein October 29, 2024

Bitcoin Price Approaches $72K with Analysts Forecasting Six-Figure Targets

Bitcoin’s price surged to $71,315 on October 29, marking a 5% increase and surpassing the $70,000 level. Trading volume nearly doubled to $47.5 billion, prompting significant short liquidations. Analysts anticipate Bitcoin may soon challenge key resistance levels at $72,000, with bullish price targets ranging from $94,000 to $235,000 and potential all-time highs emerging in 2025.

As of October 29, Bitcoin (BTC) has surged to a price of $71,315, constituting a 5% increase since the previous day and surpassing the $70,000 threshold. Data from Cointelegraph Markets Pro and TradingView indicates that Bitcoin rose from a low of $67,541 earlier that day, ultimately peaking at a 20-week high of $71,500. Furthermore, trading volume has experienced a remarkable 148% increase, totaling approximately $47.5 billion, nearly doubling the volumes observed on October 28, as reported by CoinMarketCap. Notably, this price movement has prompted the liquidation of over $78 million in short positions over a 24-hour period, likely contributing to the upward price momentum, according to CoinGlass data. The current rally has transformed critical price points into potential support levels, with analysts identifying a significant resistance zone between $72,000 and the all-time high of $73,835. Jelle, a prominent Bitcoin analyst, remarked, “One last hurdle before price discovery,” highlighting the crucial supply zone Bitcoin must navigate. Another analyst, Amber_D, commented on Bitcoin’s progress above $71,000, noting, “BTC is heading back to the strong resistance zone at around $71k – $73k.” Data suggests that ask orders exceeding $35.7 million are positioned above the $72,000 level, underlining its importance for bearish traders. However, the support seen around previous lows is stronger than the resistance faced at $72,000, indicating an overall upward trajectory for Bitcoin. Projections suggest that a decisive closing above this threshold may propel Bitcoin into price discovery, potentially exceeding the previous all-time high of approximately $74,000 reached in March 2024. The performance on October 28 has generated optimism among market analysts, who are now setting ambitious price targets for Bitcoin during this cycle. Veteran trader Peter Brandt has proposed three potential scenarios based on two significant chart patterns. The first scenario forecasts a price target of $94,000, derived from an inverted expanding triangle. The second scenario estimates a price target just short of $235,000, based on previous price movements. Brandt also discussed the anticipated timing of the next peak, estimating it to be between late August and early September 2025, with an expected highest price in the range of $130,000 to $150,000, noting, “The X on the chart marks the probably high date and price level.” Another analyst, Dyme, expressed a similar sentiment, indicating that a price target of $150,000 is “perfectly possible” based on their Pi Cycle analysis.

The article focuses on the recent surge in Bitcoin’s price, marking a significant rally as it crosses the $70,000 benchmark. This movement is marked not just by price fluctuations but a notable increase in trading volume and the liquidation of short positions, which collectively signal positive market sentiment among investors. Analysts are examining both upcoming resistance levels and the potential for further price increases, suggesting that Bitcoin is at a critical junction in its market cycle. Their projections are informed by historical data and technical analysis, with various scenarios illustrating possible future price targets.

In summary, Bitcoin has shown a robust upward trend, recently reaching $71,315, with analysts suggesting ambitious price targets ranging from $94,000 to over $235,000 in the coming cycle. The significance of the $72,000 resistance level and the strong support observed below indicate a potentially favorable environment for further price increases. With notable liquidity events contributing to this momentum, market participants are keenly watching for a decisive breakout that could lead to new all-time highs for Bitcoin.

Original Source: cointelegraph.com