Bitcoin (BTC) has surged past $64,000 for the first time since Oct. 7, sparking speculation among crypto analysts that this could be the breakout moment market participants have been anticipating during October.
$70K the price level before Bitcoin will âbreak looseâ
Although Bitcoin regaining $64,000 doesnât equal new highs or even long-term peaks, it has changed the sentiment among commentators following Bitcoinâs retrace to $59,000 on Oct. 10, in a month thatâs historically one of Bitcoinâs strongest.
âItâs on the verge,â 10T Holdings founder Dan Tapiero opined in an Oct. 14 X post following Bitcoin rising above $64,000, a 3.16% gain since Oct. 13.
Bitcoin is trading at $64,872 at the time of publication. Source: TradingView
Tapiero suggested that once Bitcoin regains price levels it hasnât seen in around four months, it may surge into unprecedented prices, which many traders have been hoping for in Q4 2024.
âBreak of 70k and h6ll gonna break loose,â Tapiero added. The last time Bitcoin crossed that price level was June 6, when it reached $71,082.
Tapiero pointed out that Bitcoinâs price is âjust coiling and coiling,â a term traders use when an assetâs price tightens into a narrowing range. This often signals to traders that a breakout is potentially on the horizon.
Furthermore, the Bitcoin price gains of today have pushed October back into the green again, with Bitcoin up 2.48% since the start of the month.
Bitcoinâs âsummer lullâ behind us
Echoing a similar sentiment, pseudonymous crypto trader Jelle is confident that Bitcoinâs extended consolidation is ending.
Since the April 20 Bitcoin halving, Bitcoin has been consolidating within a wide range ranging from $58,000 to $72,000.
Pseudonymous crypto trader Jelle says Bitcoin is âpushing for new highs again.â Source: X/Jelle
â2 higher lows, a higher high & prices pushing for new highs again,â Jelle declared in an Oct. 14 XÂ post.
âSummer lull is behind us. Letâs have some fun,â they added.
Meanwhile, crypto trader Matthew Hyland pointed out that Bitcoinâs 10-day Simple Moving Average (SMA) â which calculates the average price of Bitcoin over the last ten daily candles â is âturning upward.â
â80%-90% of the time in 2024 when the 10 SMA was moving up, BTC price moved up,â Hyland added.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.