Is Bitcoin about to take a new decisive step in its tumultuous history? As the flagship cryptocurrency navigates beyond the $67,000 mark, observers predict an imminent surge if the $70,000 threshold is crossed. This new milestone could mark a major change for the fourth quarter of 2024. The climate of optimism returns after a summer consolidation period, and many believe that the âquiet periodâ is now a thing of the past.
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đžThe $70,000 threshold in sight
As Bitcoin broke through $67,000, voices are rising to announce a new bullish dynamic. âA break at $70,000, and everything will explode,â declares Dan Tapiero, founder of 10T Holdings. His analysis echoes the trend observed in the markets, where many investors see this threshold as a tipping point. Since Bitcoin reached $72,100 on Monday, March 11, 2024, before the April 20 halving, it has remained in a consolidation phase. This âprice tightening,â or âcoiling,â as traders say, could well signal an explosive move.
The rebound of Bitcoin above $67,000 has also reignited optimism among investors. This 12.06 % rise in seven days comes with a return to green for the month of October, traditionally favorable for Bitcoin. âReturning to these price levels after several months of stagnation could be the trigger that investors have been waiting for a new bullish phase,â indicates Tapiero. This breakout is being closely watched, and breaching the $70,000 threshold would mark a psychological and technical shift.
đžA market awaiting a breakout
Behind this gradual rise, other technical signals confirm investor optimism. Indeed, two higher lows and a higher high lead to a pattern often heralding a bullish trend. The summer trough is behind us, reinforcing the idea that the stagnation phase of previous months is coming to an end. This 10-day moving average (SMA) analysis also shows that this trend could continue, with expectations of an imminent rise.
However, the market is never immune to sudden volatility. As Bitcoin approaches the $70,000 threshold, some observers remain cautious. Previous fluctuations around this level have shown that this type of resistance can be difficult to breach. If Bitcoin manages to break this barrier, it could soar to new heights. The outlook for the fourth quarter is particularly encouraging.
In sum, Bitcoin seems on the brink of a new era of bullish volatility. Indeed, crossing the $70,000 threshold could trigger a new wave of increase. The last quarter of 2024 could well be decisive, and investors will need to keep a close eye on technical indicators and market developments.
