The post Bitcoin Bull Run On Horizon: Massive Rally Between October 20th-30th! appeared first on Coinpedia Fintech News
After an impressive rally of over 10 percent in the past two weeks, Bitcoin’s (BTC) price has faced an immense resistance level of around $68k. In the past four days, the flagship coin has been rejected twice, thus forming a potential double top, coupled with a bearish daily Relative Strength Index (RSI).
In the four-hour time frame, the bullish momentum has significantly declined in the past four days, thus raising fear of a potential selloff over the weekend. The notable greed in the market could result in a flash selloff followed by a quick market rebound toward an all-time high.
Key Targets for Bitcoin Price Ahead
#Bitcoin might not be going as deep as I think we could.The rate cut of the ECB and the job cut data in the US might actually push Bitcoin higher at an earlier stage. pic.twitter.com/CUrYFhpA9K
— Michaël van de Poppe (@CryptoMichNL) October 18, 2024
According to a renowned crypto analyst Michaël van de Poppe, the wishes for Bitcoin price to drop below $50k may never be fulfilled again. The crypto analyst expects Bitcoin price to find a robust support level around $65k, which will yield a rebound in the long haul.
The 'bull market summer chop' phase has historically led to higher prices.In the past years, #Bitcoin has broken out of these summer ranges between the 20th and 30th of October.Looks like this year could play out very similarly once more.Bring on price discovery. pic.twitter.com/zOHxeJ3C8V
— Jelle (@CryptoJelleNL) October 18, 2024
A similar scenario was posted by a different analyst, alias Jelle, who noted that a major Bitcoin breakout to price discovery is on the horizon. The crypto analyst argued that the post-halving Bitcoin price consolidation has historically yielded a major bull run in the subsequent months.
Whale Investors On the Hunt
Despite the midterm market uncertainty and volatility, on-chain data shows that whale investors are aggressively accumulating more Bitcoins. In the past 24 hours, the Bitcoin supply on centralized exchanges declined by nearly 4k, coinciding with the ongoing market rebound.
The United States-based spot Bitcoin ETF issuers, led by BlackRock’s IBIT, have accumulated more than $2 billion worth of BTCs in the past few days.
On Thursday, the US spot Bitcoin ETFs registered a net cash inflow of around $470 million, thus recording the fifth consecutive day of cash inflow.
