The price of bitcoin remains above $68,000 and is still trying to break the psychological level of $69,000. After a few weeks of aggressive buying, the market is now on the lookout for a breakout from a seven-month consolidation pattern that has been accumulating strength. There breaking out of the pattern at the topside will be considered helpful at this point.
With the price of Bitcoin still on the rise, there are numerous expectations of a minor pullback followed by a major surge that may increase the price towards its all-time high price levels of around $73,000. The closing price of $69,000 is the important figure to watch and as long as BTC is able to stay over this price level, chances of BTC reaching new record highs look brighter.
The market is continuously evolving and for many traders, it is that time when they expect the big break. Investors are glued to the seat so as not to miss any upcoming movements as many are optimistic that the next strong move is not far off.
There Are New Weekly Bitcoin Price Predictions and Explanations
At the moment, there is positive information regarding Bitcoin. Analysts predict that at the end of the week, the price of Bitcoin could be projected to end above $68,000. This will be the biggest weekly closing price since late July, and BTC remains the leading cryptocurrency across digital currency markets.
The timing of the breakout could coincide with a strong weekly closing, Daan Reasoned in his technical analysis ‘Bitcoin could expect a fair amount of stability over the next few weeks’. As BTC sustains its rally, there is a sense of wave-induced tranquility, and investors are bracing themselves for volatility, exacerbated by the upcoming election.
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The emphasis will be on the next two weeks with respect to how strong and how quickly Bitcoin will be in reaching new price targets. A strong close over $68,000 will easily confirm the bullish position and many are now keen on witnessing whether bitcoin will rally over the $70,000 and possibly make all time highs.
BTC Technical Levels Utility for Investors:Usage of BTC
Currently BTC is changing hands around $68,200 up almost 9 percent since Monday. The weekly chart showcases a bullish structure and to solidify this bulls outlook, BTC must clear the resistance at $70,000.
The general understanding is that such development is likely to cause great amount of FOMO amongst those investors waiting to enter the market. Once price does clear above the $70 level, first point of focus is likely to be the all time high of about $73 thousand which signals strong momentum for the bulls.
However, there are risks involved. In the case that BTC does not manage to surmount the $70 level and heads back under $66,500 concentration to positive support zones may be a wasted exercise while market sinks into a sideways consolidation period or worse still, a correction towards lower demand zones. This scenario may not only chill the noisy bullish fever prevailing at the moment but might also escalate the level of ambiguity for the traders.
In other words, the next days are critical for Bitcoin. If the price manages to break above $70,000 this would allow the rally to move to new record highs, but if this is not the case then Bitcoin may find itself in a quite difficult period with a bear trend or range bound so low price levels. These price levels are significant to investors, for it clarifies the possible trend for BTC.