A breakout of the trendline would mean the end of the correction from the late September highs, resuming the uptrend from the early September lows below $53,000. The next resistance level is around $69,000, capped by a trendline connecting the March and June lows. On the downside, key support is the Oct. 10 low of $58,890.

From a longer time perspective, Bitcoin is currently only in a consolidation phase below its all-time high, laying the foundation for a significant price increase next year.

"An eight-month bottom has been established, sentiment has reset, and interest rates are easing," Loukas wrote on X. "Bitcoin will end the second year of a four-year cycle next month and enter a historically explosive third year."

Bitcoin's all-time high in March this year was far beyond previous market cycle patterns, so it will take more time to digest this gain and establish market structure. #BTC能否站稳6W4 #BTC☀ #ETH🔥🔥🔥🔥 #BTC走势预测