Bitcoin’s Road To $70,000? Analysts Set Next Targets As BTC Retests Key Levels

2 hours ago

Bitcoin (BTC), the largest cryptocurrency by marketplace capitalization, started the 3rd week of October with a 6% regular surge. BTC’s show has fueled bullish sentiment among crypto investors and marketplace watchers, who suggest it mightiness beryllium acceptable to determination to $70,000.

Bitcoin Reclaims Key Support Levels

Bitcoin began the week reclaiming cardinal absorption levels aft a 6% surge from Sunday’s price. This show saw BTC determination from the $62,000 enactment portion to retest the $66,000 enactment country connected Monday morning.

Following the caller performance, Bitcoin’s October returns truthful acold person turned greenish with a 3.17% monthly return, according to Coinglass data. Crypto expert Rekt Capital highlighted Bitcoin’s caller movements, noting that BTC has been capable to reclaim a 2-month downtrend arsenic support.

Per the analyst, the flagship cryptocurrency has retested a downtrend enactment dating backmost to precocious July since October started. BTC successfully retested and bounced from the trendline for 2 consecutive weeks, turning the scope into support.

Additionally, the expert pointed retired that Bitcoin has performed respective palmy retests, including a “volatile retest” of the 21-week Bull Market Exponential Moving Average (EMA).

“Notice however the bottommost of the greenish boxed country is confluent with the July Downtrend retest and the retest of the 21-week EMA is confluent with the apical of the greenish box,” the expert added.

Similarly, Ali Martinez highlighted that BTC is presently making different effort to reclaim the 200-day Moving Average aft 4 consecutive rejections successful the past 2 months.

BTC Challenges August Highs

Rekt Capital noted that BTC has solidified the $58,000-$61,000 scope arsenic a enactment country passim the year: “It has done truthful astatine a Higher Low compared to past month’s downside wicking lows arsenic good arsenic August’s downside wicking lows.”

Moreover, the expert stated that Bitcoin challenged August highs, astatine astir $64,200, aft the caller retests of the cardinal levels. He suggested that BTC’s caller movements are a “clear sign” that August’s level is “weakening arsenic resistance.”

Rekt Capital pointed retired BTC is retesting the multi-month play downtrend transmission top, which is besides weakening arsenic resistance. The flagship cryptocurrency successfully tested the channel’s scope lows arsenic enactment this month.

The scope lows person been 7-month confluent enactment with the erstwhile all-time precocious (ATH) area. Nonetheless, the expert noted that BTC indispensable person a play adjacent supra the downtrend channel’s apical to interruption retired of this pattern.

A play adjacent supra August highs, followed by a palmy retest of this level, would “pose a important buy-side unit connected the Downtrending Channel Top,” which could beryllium accelerated if BTC’s regular adjacent sits supra $64,200.

Moreover, a regular adjacent supra $65,000 and a palmy reclaim of the scope arsenic a enactment portion could nonstop BTC’s terms toward the $70,000 absorption zone. The expert noted that whenever Bitcoin closed the time supra this level, the cryptocurrency moved wrong the $65,000-$71,350 scope successful the pursuing days.

As of this writing, BTC is trading astatine $65,812, a 4% and 10.3% surge successful the play and monthly timeframes.