NewsBTC

03 November 2024
Обновлено 03 November

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Bitcoin Completes Trendline Retest as Analysts Target $110,000 by December

The recent Bitcoin price action highlighted its volatility, with fluctuations observed over the past week. Bitcoin completed a retest of a downward sloping trendline that has restricted price rallies since March.

Bitcoin Completes Trendline Retest

Technical analysis indicates a breakout from a resistance trendline in mid-October, allowing Bitcoin to surpass $68,000 for the first time in three months. Following this, Bitcoin rallied from $66,900 on October 27 to $73,540 on October 29, marking a 10% increase and confirming the breakout.

Analyst EGRAG CRYPTO noted that the breakout is significant on the weekly candlestick chart, linking it back to a previous breakout above $47,000 in February 2024. This suggests that Bitcoin's price movements, including the highs of $73,737 on March 14 and the low of $49,800 on August 5, are part of a larger breakout and retest cycle spanning 38 weeks.

This analysis reflects Bitcoin's resilience and bullish sentiment among traders. EGRAG projects potential price targets of $90,000 to $110,000 by December 2024, indicating possible returns of 32% to 62% from the $68,000 breakout, contingent on closing the week positively.

Currently, Bitcoin trades at $68,500, reflecting a decline of approximately 1.9% in the last 24 hours. Despite this pullback, overall market sentiment remains bullish.

Featured image from CNBC, chart from TradingView