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Bitcoin price

Bitcoin Price Finds Support At $65,000 — Here’s Its Potential Path To $78,000

Opeyemi Sule
by Opeyemi Sule
10 months ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Bitcoin price has slowed down over the last few days, crashing to around $65,500 on the morning of Saturday, October 26. The premier cryptocurrency has not particularly impressed in the historically bullish month of October, but the next few days could be pivotal to the coin’s future trajectory.

Having seemingly established support in the $65,000 region, the BTC price appears to be gearing for a run to the upside and potentially resuming the bull cycle. A popular crypto pundit on the social media platform X has sketched the possible route of the market leader to a new all-time high.

Can BTC Price Reach $78,000 Before 2025?

In a new post on X, crypto analyst Ali Martinez has painted a new bullish outlook for the Bitcoin price as the month of October draws to a close. According to the expert, the flagship cryptocurrency could witness a rally beyond its current record-high price and towards $78,000 before the end of 2024.

Related Reading: Is BlackRock Propping Up Bitcoin Price? Market Analyst Shares Details

This bullish projection is based on the formation of a descending channel pattern on the daily Bitcoin price chart. A descending channel is a chart formation in technical analysis comprising two major trendlines; the upper line serving as the resistance and the lower line serving as the support level.

Image

Source: Ali_charts/X

As seen in the highlighted chart, prices tend to move within this descending channel over a period. This technical analysis pattern can suggest the continuation of a downward trend. Based on price action data, BTC has persisted within the current descending channel since March 2024. 

However, a breakout of this channel can be used to identify the reversal or confirm the continuation of a market trend. If a breakout occurs to the upside of the upper trendline, it suggests that there might be a shift from a downtrend to an uptrend. A breakout across the bottom trendline, on the other hand, signals trend continuation.

The Bitcoin price has broken above and retested the upper trendline of its current channel, confirming a shift from a downtrend to an uptrend. Martinez noted in his post that after BTC failed to breach the $65,000 support, investors could see the value of Bitcoin jump to $72,000 before a brief correction to $69,000.

Ultimately, the crypto analyst believes this short pullback will only precede a 16% rally to the $78,000 region for the BTC price. Interestingly, the timeline of this bullish projection coincides with the historically bullish fourth-quarter period.

Bitcoin Price At A Glance

As of this writing, the price of Bitcoin sits just above $67,000, reflecting a mere 1.3% increase in the past 24 hours.

Related Reading: Will Japan Launch Bitcoin And Ethereum Crypto ETFs? Key Industry Group Pushes for Approval

Bitcoin price

The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Opeyemi Sule

Opeyemi Sule

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Opeyemi Sule is a passionate crypto enthusiast, a proficient content writer, and a journalist at Bitcoinist. Opeyemi creates unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi enjoys reading poetry, chatting about politics, and listening to music, in addition to his strong interest in cryptocurrency.

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