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Bitcoin’s trajectory in the crypto market has taken a positive turn after a sluggish start to the month, marking a 1.66% increase in the past 24 hours. This revival sparks a renewed sense of optimism among traders and investors, eyeing a robust year-end finish. Amidst this recovering sentiment, a well-followed crypto analyst, known as Inmortal on a popular social media platform X, has shared insights suggesting Bitcoin is en route to setting a new all-time high very soon. According to Inmortal, for Bitcoin to achieve this milestone, it’s crucial for its price to conquer the $64,000 threshold. This level is pivotal, as breaching it could ensure a green close for October, setting a bullish tone for the market.
Inmortal’s analysis, depicted through a Bitcoin/TetherUS chart, positions the crucial $64,000 mark just above the October monthly opening price. Achieving and maintaining a price point above this would signify a strong bullish indicator for Bitcoin’s near-term trajectory. This perspective is not unique to Inmortal, as different analysts share varied yet optimistic projections for Bitcoin in October. Additionally, Inmortal recollected a recent dip from $66,000 in September to $60,000 on October 2, interpreting it as Bitcoin hitting a local bottom. This observation was based on Bitcoin’s resilient bounce back after retesting the $60,000 level thrice, albeit without a definitive market structure break or confirmation. This sentiment of a local bottom finds echo in analysis from a CryptoQuant analyst, bolstering the bullish outlook.
Moreover, focusing on strategic trading positions, Inmortal has identified two prime entry points for taking long positions on Bitcoin. The anticipation of a retest at the $60,000 mark offers a lucrative buying opportunity at a critical support level. Furthermore, a rally beyond the $63,000 price level would trigger another entry point, according to his analysis. These insights offer a tactical advantage to investors looking to capitalize on Bitcoin’s potential upswing.
As it currently stands, Bitcoin’s price hovers around $62,200, showing a reassuring recovery of 3.5% from the October 3 low. Despite this, the cryptocurrency has experienced a 5.7% downturn over the past week, leaving room for speculation about short-term volatility. Other analysts, including one known pseudonymously as Kaleo, hint at possible lower retests in the realms of $57,000 to $58,000 before Bitcoin can resume its ascent. Such movements could be pivotal in shaping the crypto market’s dynamics heading into the rest of October and beyond the US election in early November. This speculative analysis contributes to the broader narrative of Bitcoin’s market behavior, aligning with patterns of resilience and periodic breakouts emblematic of its historical performance.
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