Bitcoin price has slowed down in recent days, crashed to about $65,500 on the morning of Saturday, October 26. The leading cryptocurrency hasn’t particularly impressed in the historically bullish month of October, but the coming days could be crucial for the coin’s future trajectory.
With support seemingly established in the $65,000 region, BTC price appears to be gearing up for an upward move and possibly resuming the bull cycle. A popular crypto expert on social media platform X has outlined the market leader’s possible route 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 done just that painted a new bullish outlook for the Bitcoin price as the month of October comes to an end. According to the expert, the flagship cryptocurrency could witness a rally beyond the current record high 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 chart formation in technical analysis that includes two major trend lines; the upper line serves as resistance and the lower line serves as support level.
Source: Ali_charts/X
As can be seen in the highlighted chart, prices move within this descending channel during a period. This technical analysis pattern may indicate a continuation of a downtrend. Based on price action data, BTC has remained within the current declining channel since March 2024.
However, a breakout of this channel can be used to identify the reversal or confirm the continuation of a market trend. If a breakout occurs at the top of the upper trendline, it indicates that there may be a shift from a downtrend to an uptrend. On the other hand, a break over the lower trend line indicates a continuation of the trend.
Bitcoin price has broken above the upper trendline of the current channel and retested it, confirming a shift from a downtrend to an uptrend. Martinez noted in his post that after BTC failed to break the $65,000 support, investors could see Bitcoin’s value rise to $72,000 before a short correction to $69,000.
Ultimately, the crypto analyst believes that this brief pullback is only due to one 16% rally to $78,000 region for the BTC price. Interestingly, the timeline 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 is just above $67,000, reflecting an increase of just 1.3% in the past 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView