Bitcoin Retest Completed: One Thing Left For $110,000 By December

Bitcoin's price movement last week showed its volatility. Bitcoin's price data shows that it has retested the negative trendline that has capped its advances since March.


Analysts said the only thing left is a weekly body closure. Bitcoin's price movement may rise into new territory after this closure.

Complete Bitcoin Trendline Retest

Technical analysis suggests a Bitcoin price breakthrough from a resistance trendline in mid-October. The coin broke over $68,000 for the first time in three months, but a consolidation signaled the work was still ongoing.

Bitcoin began the just ended week well. In particular, BTC rose from $66,900 on October 27 to $73,540 on October 29. A 10% rise in two days. This was enough to shatter this resistance trendline.

Bitcoin broke out and verified a retest phase, according to. On the weekly candlestick chart, the analyst saw a breakthrough. Bitcoin first broke out over $47,000 in February 2024, as seen in the price chart below.

On the weekly timeframe, Bitcoin's rise to $73,737 on March 14, its correction to $49,800 on August 5, and its recent return above $73,000 have all been part of one large breakout and retest move that has lasted 38 weeks.

Bitcoin: What Next?

This series of price changes shows Bitcoin's resiliency and traders' bullishness. He expects the crypto to continue its positive trend. By December 2024, the analyst predicted a price hike of $90,000–$110,000. This represents 32% and 62% returns from the $68,000 breakthrough. E also stated that the price must complete the week in the green zone to confirm this run.

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