Bitcoin Traders Expect Price Reversals, But $73K Remains Short-Term Target
Bitcoin (BTC) analysts are seeing targets below the current all-time high of $73,679. However, following a push above $69,000, the strong chart structure warns that the path ahead may be volatile.
Bitcoin “looks incredibly strong on the technical front right now,” Jonathan de Wet, chief investment officer of digital asset investment platform ZeroCap, wrote in an Oct. 22 analyst note published by Cointelegraph.
Bitcoin is trading at $67,054 at press time, down 0.40% since October 21st. Source: TradingView
De Wet suggested that Bitcoin had “broken” its downtrend line since June, an observation echoed by several other crypto analysts.
“We practiced patience for months. Uncharted territory, on the horizon,” said Jelle, a pseudonymous crypto trader.
BitLab Academy Director Kelly Callum added, “Bitcoin's price has been disappointing for many over the past 7 months, but the price action has allowed it to re-enter this zone.”
There is a chance of a short-term pullback, says the analyst
However, crypto exchange Coinstash co-founder Mena Theodorou warned in a market report on October 21 that “geopolitical concerns could create short-term weakness, especially after recent unrest in China and the Middle East.”
Bitcoin has recently reacted negatively to signs of geopolitical conflicts. On October 3, Cointelegraph reported that the price of Bitcoin dropped by $4,000 after Iran launched a missile targeting sites across Israel late on October 1.
However, on October 21, Bitcoin rose above $69,000 for the first time since June 11, which Theodore sees as a sign that the crypto market is “shaping up for a big week.”
Since then, it has returned roughly 2.80%, trading at $67,054 at press time.
Cut expectations before Bitcoin breaks all-time highs
De Wet explained that once Bitcoin clears the $70,000 mark — which it hasn't reached since June 7 — it could see a “rapidly rapid” return to $72,000.
According to De Wet, surpassing the all-time high of $73,679 reached in March won't come without “some cuts” along the way. In the year The asset is sure to break even at that level before the end of 2024:
“We will be at a higher level before the end of the year? We think so.
Related: These 5 Bitcoin Price Indicators Hint at New All-Time Highs in 2024
Theodore described the rise in Bitcoin exchange-traded funds (ETFs) as “fueled” by recent demand for space in the US.
Between October 14 and 18, Teodorou highlighted that Bitcoin ETF investors bought the equivalent of 36,500 BTC, which he repeated “is more than ten times the daily withdrawal of 450 BTC.”
“Essentially, we're seeing investors buy BTC faster than it can be mined.
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This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
