Bitcoin Price Forecast: Analyst Warns BTC Amid Major Breakout as Resistance Weakens
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
Over the past 24 hours, the Bitcoin price has made another key advancement, pushing past the resistance at $69,000, though it has since retraced.
One analyst, however, thinks the push could go much further, noting a breakout from a multi-month downtrend in its early stages.
This surge adds to Bitcoin’s recent strides, up 10.23% since last Monday.
The much-heeded “Uptober” sentiment seems to be living up to its promise with this late-month breakthrough, as altcoins ride the wave alike.
Indeed, Bitcoin appears to be a hot commodity among investors.
Trading volume has doubled over the past 24 hours, nearing $28 billion. Meanwhile, Bitcoin futures have hit an all-time high of $40.5 billion – investors seem to be committed to this uptrend.
In an ongoing string of X posts, influential pseudonymous trader Rekt Capital highlighted significant developments on the Bitcoin chart, highlighting a critical inflection point.
Bitcoin is currently vying to validate a breakout from a seven-month consolidation range after surpassing the resistance of its upper bound.
While the analyst expressed optimism this resistance could flip to provide new support, they cautioned that the Bitcoin price could “dip just a little bit deeper into the general green area for additional buy-side liquidity” to steady its footing.
Though this does leave room for a false flag, his takeaway was bullish, proclaiming that the downtrend was “finally over” with a decisive weekly close out of the range.
Zooming out, the analyst noted this as one chapter in a wider bullish narrative. Citing
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