Bitcoin (BTC) surged to new heights today, revisiting levels last seen in July after closing above the critical $66,000 resistance yesterday. Though an overnight dip nearly tested the psychological barrier of $65,000, a renewed momentum is now driving the cryptocurrency toward the highly anticipated $70,000 milestone.
Data from TradingView reveals that the cryptocurrency briefly touched a high near $67,944 before retreating slightly to $66,823 at press time. Despite the minor dip, the token remains up 1.55% over the past 24 hours, reflecting continued bullish sentiment in the Bitcoin forecast for short-term price movements.
This latest rally follows a week of steady inflows, with some analysts attributing it to the looming U.S. elections. While a Republican sweep could have an impact, it’s seen as a secondary influence at this point in the market. The cryptocurrency’s next move is keeping everyone guessing.
Technical Analysis BTC/USD
On the weekly chart, Bitcoin’s technical indicators hint at a possible breakout looming. This is evident as the MACD indicator at 1,439.95 is on the verge of crossing over to the upside with the signal line. Moreover, the MACD’s histogram bar chart shows its red bars flattening along the zero line, further confirming a likely shift in momentum toward bullish territory.
The relative strength index also remains in a favorable position. With an RSI of 56.58, the token is still within the neutral zone, far from being overbought. This means there is room for further gains before the market shows signs of overheating around the 70 mark. The RSI’s position above its signal line adds further weight to the bullish outlook.
These positive price outlooks suggest that buyers may soon take complete control, possibly driving prices higher to challenge the token’s all-time high of around $73k in the coming sessions. Yet, a close above the $67.647k threshold, aligning with the 78.6% Fibonacci level, is a must for this move to materialize and confirm a sustained upward trend.
$250K Bitcoin: Why Analysts See This as Possible
While the token’s current levels are impressive, some analysts believe the token is just getting started. For instance, a Bitcoin analyst, bitcoindata21, points to a potential price target of $250k, driven by a mix of technical analysis and broader macroeconomic factors.
One of the key signals is the “cup and handle” pattern forming on the cryptocurrency’s chart, complemented by the 4.236 Fibonacci extension level, which aligns with the $240,000 to $250,000 range. This technical setup is supported by the cryptocurrency’s resilience in the face of steady or slower-growing central bank balance sheets across major economies like the U.S., China, and Europe.
Why $250k bitcoin is more realistic than you think
Technical confluence: Cup and handle + 4.236 fib in the $240-250k area.
Bitcoin divided by Central bank balance sheets (U.S + China +Japan + Europe). To reach the red trendline requires a 4x on bitcoin, assuming that balance… pic.twitter.com/BeKirhXayg
— bitcoindata21 (@bitcoindata21) October 9, 2024
The analyst also compares Bitcoin to the China technology ETF (CQQQ), the Hong Kong Stock Index, and USDCNY, suggesting it could need a fourfold increase to meet its next trendline. This comparison highlights how Bitcoin’s relative strength against other financial instruments could fuel its climb toward the $250,000 mark.
Additionally, if the Russell 2000 (IWM) outperforms the Nasdaq 100 (QQQ) by 25-30%, this could further boost Bitcoin toward the coveted $250,000 target, with the BTC/IWM/QQQ ratio pointing to the 2.618 Fibonacci extension level as a key indicator.
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