The price of bitcoin has slowed in recent days, falling to around $65,500 on the morning of Saturday, October 26. The top cryptocurrency hasn't particularly impressed in the historically bullish month of October, but the coming days could be pivotal for the coin's future trajectory.
Having seemingly established support in the $65,000 region, btc price appears to be gearing up for a bull run and potentially resuming the bullish cycle. A popular crypto expert on social media platform x has outlined the market leader's possible path to a new all-time high.
Can btc price reach $78,000 before 2025??
In a new post on x, crypto analyst Ali Martinez has x.com/ali_charts/status/1850271549938651464″ target=”_blank” rel=”noopener nofollow”>painted a new bullish outlook for the price of bitcoin as the month of October draws to a close. According to the expert, the flagship cryptocurrency could see a rally beyond its current record price and towards $78,000 before the end of 2024.
This bullish projection is based on the formation of a descending channel pattern on the daily bitcoin price chart. A descending channel is a graphic formation in technical analysis that comprises two main trend lines; the upper line serves as resistance and the lower line serves as support level.
Source: Ali_charts/x
As seen in the highlighted chart, prices tend to move within this descending channel during a period. This technical analysis pattern may suggest the continuation of a downtrend. According to price action data, btc has persisted within the current descending channel since March 2024.
However, a breakout of this channel can be used to identify a reversal or confirm the continuation of a market trend. If an upward breakout of the upper trendline occurs, it suggests that there could be a change from a downtrend to an uptrend. On the other hand, a break through the lower trend line indicates the continuation of the trend.
bitcoin price surpassed and retested the upper trend line of its current channel, confirming a change from a downtrend to an uptrend. Martinez noted in his post that after btc failed to break above the $65,000 support, investors could see bitcoin's value jump to $72,000 before a brief correction to $69,000.
Ultimately, the crypto analyst believes this brief pullback will only precede a bitcoin/is-bitcoin-price-primed-for-new-record-high-analyst/” target=”_blank” rel=”noopener nofollow”>16% rise to $78,000 region for btc price. Interestingly, the timing of this bullish projection coincides with the historically bullish period of the fourth quarter.
bitcoin price at a glance
At the time of writing, the price of bitcoin sits just above $67,000, reflecting an increase of just 1.3% over the past 24 hours.
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The price of btc on the daily timeframe | Source: BTCUSDT chart on x/2goV0lEd/" target="_blank" rel="noopener nofollow">TradingView
Featured image from iStock, chart from TradingView
