Bitcoin (BTC) analysts are eyeing targets just below its current all-time high of $73,679. However, they caution that despite the strong chart structure following its push above $69,000, the road ahead may be volatile.
Bitcoin âis looking incredibly strong right now on the technical front,â digital asset investment platform ZeroCap chief investment officer Jonathan de Wet wrote in an Oct. 22 analyst note viewed by Cointelegraph.
Bitcoin is trading at $67,054 at the time of publication, down 0.40% since Oct. 21. Source: TradingView
De Wet pointed out that Bitcoin has âbrokenâ the descending trendline from June, an observation also pointed out by several other crypto analysts.
âWe practiced patience for months. Uncharted territory, on the horizon,â pseudonymous crypto trader Jelle stated.
âBitcoin price has been frustrating for many this last 7 months, but has actually allowed the price action to re-enter this zone,â BitLab Academy director Kelly Kallam added.
Short-term pullbacks a possibility, says analyst
However, crypto exchange Coinstash co-founder Mena Theodorou warned in an Oct. 21 market report that âgeopolitical risks could also create short-term pullbacks, particularly after the recent turbulence in China and the Middle East.â
Bitcoin has reacted negatively to signs of geopolitical conflict in recent times. On Oct. 3, Cointelegraph reported that after a major missile strike by Iran targeting sites across Israel late on Oct. 1, Bitcoinâs price fell by nearly $4,000.
However, on Oct. 21, Bitcoin spiked above $69,000 for the first time since June 11, which Theodorou sees as a sign that the crypto market is âshaping up for a big week.â
Since then, it has retraced approximately 2.80%, trading at $67,054 at the time of publication.
Chop expected before Bitcoin breaks all-time highs
De Wet explained that once Bitcoin clears the $70,000 mark â which it hasnât reached since June 7 â itâs likely to see a spike to $72,000 âfairly quickly.â
According to de Wet, breaking through its current all-time high of $73,679 reached in March wonât come without âsome chopâ along the way. He is confident of the asset breaking through that level before the end of 2024:
âDo we get above highs prior to the end of the year? We think so.â
Theodorou noted that the surge âhas been fueledâ by the recent increase in demand for spot Bitcoin exchange-traded funds (ETF) within the US.Â
Between Oct. 14 and 18, Theodorou highlighted that Bitcoin ETF investors purchased the equivalent of 36,500 BTC, which he reiterated is âmore than ten times the daily issuance of 450 BTC.â
âEssentially, weâre seeing investors buying BTC exponentially faster than it can be mined.
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