Bitcoin Price Supported At $65,000; Possible Path To $78,000

Bitcoin fell below $65,500 on Saturday, October 26, after a few days of slowing. The leading cryptocurrency has underperformed in October, but the next three days might determine its destiny.

After establishing support around $65,000, BTC is ready to rise and resume the bull cycle. A renowned crypto analyst on X has predicted the market leader's rise to a new high.

Does BTC Reach $78,000 Before 2025?
Crypto expert  issued an optimistic prediction for Bitcoin in a new X article as October winds down. The expert expects the flagship cryptocurrency to rise to $78,000 by 2024 from its peak high.

This optimistic prediction is based on a daily Bitcoin price chart descending channel pattern. Technical analysis charts with two primary trendlines—the upper line as resistance and the lower line as support—form descending channels.


Price movements follow this falling channel, as seen in the highlighted chart. Technical analysis may indicate a negative trend. Price action data shows BTC in the current declining channel since March 2024.

However, a breakthrough of this pattern might indicate a market reversal or continuance. A breakthrough above the top trendline signals a downtrend transition to an uptrend. Breakouts over the bottom trendline indicate trend continuance.

Bitcoin has broken above and retested its current channel's upper trendline, indicating an uptrend. Martinez said that Bitcoin might rise to $72,000 before a short fall to $69,000 if it fails to break $65,000.

The crypto researcher expects a 16% BTC price climb to $78,000 after this brief setback. Coincidentally, this optimistic prognosis occurs with the usually bullish fourth quarter.

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