Bitcoin (BTC/USD) is getting close to hitting a new all-time high, according to a well-known crypto analyst. They say Bitcoin needs to break through a key resistance level to reach this goal.
So, what’s happening? Bitcoin could reach a new peak if it surpasses the $64,000 resistance mark. Inmortal, a popular trader with 216,300 followers on X, pointed out that Bitcoin recently dropped from around $66,000 to $60,000. This might be creating a local bottom. He’s thinking about going long on BTC if it shows a swing failure pattern near $60,000 or if it gains traction above $63,000.
“Breakout above $64,000 = New ATH.”
Another analyst, Kaleo, believes there might be a short dip to about $57,000 or $58,000 before a rebound. He expects Bitcoin to gradually rise over the next month, especially after the presidential election. He’s advising traders to accumulate during this time.
“Bitcoin. Still looking like a quick little chop to $57,000 or $58,000, followed by a grind higher the rest of the month into a full send post-election.”
Now, why does this matter? The potential for Bitcoin to reach new highs comes at a time when the market is performing strongly. Recently, positive labor market data has given a boost to cryptocurrency markets, signaling the end of the summer lull and the start of a bullish fourth quarter.
Technical analysts have noted that Bitcoin’s bounce back above $61,500 suggests that reaching $80,000 is more likely than dropping to $40,000. This aligns with the current bullish sentiment, despite some short-term bearish movements.
Additionally, Standard Chartered has pointed out that Bitcoin serves as a hedge against issues in the traditional financial system, rather than against geopolitical tensions. This perspective reinforces the idea that Bitcoin's price movements are driven more by financial market dynamics than by global events.
As for the current market status, Bitcoin is trading at $62,120, showing a 1.5% increase over the past 24 hours, according to Benzinga Pro data.