Here’s how to reach $75,000 by October 2024
Bitcoin price is falling! The token lost critical support at $64,000, which raised some doubts about the next price action. Also, on a broader view, the token remains stuck in a bearish trend and seems to be heading towards the lower target. Meanwhile, the recent decline to above $66,000 is signaling not only the price rally of BTC, but the entire crypto market.
Has the bull run reversed? Will the price of BTC not reach the desired $100K in the future?
Regardless of the ongoing fightback activity, BTC's plans seem unchanged. The token is only one level away from exiting the descending channel and starting the parabolic run of this cycle. The star token is currently showing a pre-2021 parabolic oscillation and if the current trading setup plays well, Bitcoin and altcoins could signal new highs, setting up a good bull run.
The chart above shows the similarity of the rally to the pre-2021 level when the markets were in turmoil due to Covid-19. Therefore, BTC price is expected to intersect and consolidate around the mid-low range around $63,000 for some time. However, no sharp and V-shaped reversal is expected but after some consolidation, a good rebound is imminent, which may break above the descending parallel channel.
The current trading setup seems to have waved bearish signals on the markets, as has the BTC price. With this, market participants seem to be convinced that the star sign will definitely not rise above this cycle. The reality is that the price cuts, liquidity injections and seasonality all point to a bull market with a price target at $100,000.
