Analyst Predicts Bitcoin Rally with Critical Price Recovery
$BTC
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Crypto analyst Inmortal believes that Bitcoin (BTC) will strengthen its upward trend if it convincingly recovers an important price level. Inmortal stated on the social media platform X, with 216,500 followers, that all eyes are on Bitcoin after the price surpassed $63,000.
Bitcoin’s October Performance and Expectations
According to the analyst, Bitcoin is likely to experience further rallies if it maintains its price level. Inmortal noted that Bitcoin opened October at approximately $63,000.
Inmortal sees the potential for Bitcoin to follow its price movements into December 2023. The price chart suggests that Bitcoin is on the verge of a significant breakout after over six months of sideways movement. The analyst remarked, “October 2023 and 2024 exhibited similar movements after 200-day accumulation periods.”
Critical Resistance Zone
Inmortal stated that if Bitcoin successfully surpasses the resistance zone above $64,000, it will confirm the pattern. He added, “A breakout above $64,000 would create a new all-time high.”
Yesterday, Bitcoin surged to a 24-hour high of $64,458, but following corrections, it is currently trading around $62,485.
As Bitcoin’s future movements are carefully monitored by strategist Inmortal, market participants are following developments related to overcoming significant resistance levels.
If Bitcoin surpasses critical levels, the overall sentiment in the cryptocurrency market is expected to improve. These developments could generate important signals for market participants and influence the overall dynamics.
