Bitcoin Price Prediction for Today, October 29 – BTC Technical Analysis

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bitcoin price prediction shows btc rising for the fourth consecutive bullish day as the technical indicator looks north.

bitcoin Prediction Statistical Data:

bitcoin price now: $72,532.71
bitcoin market cap: $1.44 trillion
bitcoin circulating supply: 19.77 million btc
Total bitcoin supply: 19.77 million btc
bitcoin Coinmarketcap Ranking – #1

bitcoin (btc) exemplifies the potential rewards of early cryptocurrency investment. Starting from just $0.04865 in July 2010, bitcoin has skyrocketed by more than +149 million percent in 14 years, marking one of the most significant financial gains in history. Today, btc is trading between $68,473.60 and $72,685.30, reflecting its impressive long-term growth. Even after reaching an all-time high of $73,750.07 in March 2024, bitcoin remains one of the best options for investors, proving the value of early participation in promising crypto projects.

btc/USD Long-Term Trend: Bullish (Daily Chart)

Key levels:

Resistance levels: $79,000, $81,000, $83,000

Support Levels: $64,000, $62,000, $60,000

BTCUSD – Daily Chart

bitcoin/”>btc/USD currently maintains a long-term bullish stance, which is reflected by a steady upward movement on the daily chart.. However, the bullish strength of the market lacks full confidence due to the consolidation of bitcoin price within the range of $54,000 to $73,500 in recent months. This suggests that despite short-term bullish signals, a breakout on a longer time frame is necessary to confirm a lasting uptrend.

bitcoin Price Prediction: Would bitcoin Reach $73,000 Level?

Currently, bitcoin's 9-day moving average remains above the 21-day moving average, indicating bullish momentum as the price attempts to break above the upper boundary of the channel. However, bitcoin has struggled within these moving averages over the past few weeks, suggesting that btc/USD may experience a short-term bearish move before making a fresh push higher. This consolidation reflects a likely pullback to the $60,000 range before any sustainable breakout, with technical resistance and upcoming fundamental events adding pressure to the current trend.

However, if bitcoin manages a daily close above the $73,000 resistance level, it could open the door to gains towards $79,000, $81,000, and even $83,000. On the contrary, if it fails to stay above the moving averages, currently trading around $72,532, btc could fall towards the daily low of $69,581. If the decline deepens, the critical support levels of $64,000, $62,000, and $60,000 could offer stabilization. Additionally, this range-bound trading highlights the possibility of continued consolidation before a more definitive trend emerges.

btc/USD Medium-Term Trend: Bullish (4-hour chart)

The btc/USD 4-hour chart indicates that bitcoin is currently trading above the 9-day and 21-day moving averages, breaking above the upper boundary of the channel. This momentum could push the price towards the resistance level of $75,000 or higher. However, bitcoin may consolidate near the upper limit, so buyers should maintain their positions to support continued growth.

BTCUSD – 4-hour chart

Looking at the 9-day and 21-day moving averages shows that btc price may continue the upward movement as its price rises northwards. On the contrary, if the coin decides to cross below the 9-day and 21-day moving averages, the support level of $70,000 or less can be located.

Meanwhile, @CryptoBheem, with more than 54,000 followers on x (formerly twitter), noted that while many are searching for this leak, caution is advised. The price could still experience a significant retest before rising to 74.1k. To minimize the possibility of a retest, lower time frames (LTF) should consolidate sideways above 71k. Be prepared to buy if the price drops.

twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc update:

Everyone is chasing this leak.

Be careful as the price may undergo a retest before rising to 74.1k

LTF should start reducing sideways now above 71k if the probability of a retest is to be eliminated.

Get ready to buy this dip. pic.twitter.com/2z7BB4vKXG

-Ahmed (@CryptoBheem) twitter.com/CryptoBheem/status/1851275479548121340?ref_src=twsrc%5Etfw”>October 29, 2024

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