As a seasoned analyst with over two decades of market experience under my belt, I have seen my fair share of market fluctuations and trends. The recent surge of Bitcoin to touch $69,000 is a sight that, while familiar, still manages to excite me. Having closely followed the crypto market since its inception, I can confidently say that we are witnessing a significant shift in the market dynamics.
At 18:46 UTC, the dominant cryptocurrency, Bitcoin, momentarily reached approximately $69,000 on the Binance trading platform.
For the first time since late July, the value of the digital currency has successfully regained its previous level.
Remarkably, Bitcoin has seen a rise of approximately 9% so far in October, recovering from a less-than-stellar start to the month in terms of its price trajectory.
A major rally on the cards?
According to well-known trader Josh Olszewicz, who is recognized for employing the “Ichimoku Cloud” trading method, there has been a bullish crossover of Tenkan Kijun lines on Bitcoin’s three-day chart, resulting in Bitcoin’s price moving above the Ichimoku Cloud.
When such a setup appeared in the fourth quarter of 2023, it was preceded by a massive 155% rally.
A major resistance level ahead
According to a report from U.Today, Michael Novogratz, head of Galaxy Digital, has forecasted that Bitcoin could potentially reach $100,000. For this prediction to become a reality, however, Bitcoin first needs to break past the $73,000 barrier which currently serves as its resistance level.
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2024-10-18 22:20