The worth of Bitcoin has slowed down over the previous few days, falling to round $65,500 on the morning of Saturday, October 26. The premier cryptocurrency didn't significantly impress within the traditionally bullish month of October, however the subsequent few days might be decisive for the coin's future trajectory.
After seemingly establishing help within the $65,000 area, BTC worth seems to be targeted on the upside, probably resuming the bull cycle. A well-liked crypto professional on social media platform X has outlined the market chief's doable path to a brand new all-time excessive.
Can BTC worth attain $78,000 earlier than 2025?
In a brand new submit on X, crypto analyst Ali Martinez has drawn a brand new bullish outlook for the value of Bitcoin because the month of October attracts to a detailed. In line with the professional, the flagship cryptocurrency might witness a rally previous its present document excessive worth and in direction of $78,000 by the top of 2024.
This bullish projection relies on the formation of a descending channel sample on the each day Bitcoin worth chart. A descending channel is a chart formation in technical evaluation containing two major development traces; the higher line serves as resistance and the decrease line serves as a help stage.
Supply: Ali_charts/X
As seen within the highlighted chart, costs have a tendency to maneuver on this descending channel in the course of the interval. This technical evaluation sample could point out a continuation of the downtrend. Primarily based on worth motion information, BTC has been caught within the present downtrend channel since March 2024.
Nevertheless, a breakout of this channel can be utilized to establish a reversal or verify the continuation of a market development. If the higher development line is damaged to the upside, it signifies {that a} shift from a downtrend to an uptrend might happen. Alternatively, a break by way of the decrease development line indicators a continuation of the development.
Bitcoin worth broke increased and retested the higher trendline of its present channel, confirming a shift from a downtrend to an uptrend. In his submit, Martinez famous that after BTC failed to interrupt the $65,000 help, buyers might see Bitcoin leap to $72,000 earlier than a quick correction to $69,000.
Finally, the crypto analyst believes that this temporary retracement will solely precede a 16% rally to the $78,000 area for the BTC worth. Curiously, the timeline of this bullish projection coincides with the traditionally bullish fourth quarter interval.
Bitcoin worth at a look
On the time of writing, the value of Bitcoin sits simply above $67,000, reflecting solely a 1.3% improve over the previous 24 hours.
The worth of BTC on the each day timeframe | Supply: BTCUSDT chart on TradingView
Featured picture from iStock, chart from TradingView
