The post Is Bitcoin Poised to Break $64K? Analysts Eye Next Big Rally After 4% Surge! appeared first on Coinpedia Fintech News

Bitcoin just made waves after a quick bounce from below $59,500, shooting up to around $63,400! Although it has pulled back to about $62,700, this still marks a remarkable 4% increase in just 24 hours. Could this mean that Bitcoin is gearing up for even bigger moves ahead? 

Bitcoin Could Break Above $64K 

Bitcoin recently dipped below $59,500 but quickly bounced back, showing strong movement. Analyst Michael Van de Poppe believes this trend could lead to further price increases in the coming days. 

#Bitcoin took the liquidity beneath $59.5k and quickly ran up.Probably few days of consolidation, before next week is going to be significantly up.Breakout of $64k / $65k is the big breakout we're looking for before new ATH tests and #Altcoin runs are happening. pic.twitter.com/yujUCemia2

— Michaël van de Poppe (@CryptoMichNL) October 12, 2024

He suggests that Bitcoin might consolidate for a few days before a significant upward movement begins next week. Breaking through the key resistance levels between $64,000 and $65,000 is crucial, as it could signal a major shift in the market.

If this happens, it may lead to new all-time highs and a surge in altcoin markets. With the current price fluctuations and the potential for bullish trends, investors are closely watching Bitcoin’s movements. If the breakout occurs, it could signal a broader market uptrend, benefiting various altcoins.

Bitcoin Price Analysis

As of now Bitcoin is currently trading around $63,000 and the 100-hour simple moving average. It may face resistance around $63,620 due to a bearish trend line forming at that level.

Meanwhile, the first major resistance is at $66,650, which is the 50% Fibonacci retracement level from the recent drop. If Bitcoin breaks above $63,650, it could rise further, with the next key resistance at $64,000.