Bitcoin Boom: Is BTC Preparing For Another 6X To $462,000?
31 Octobre 2024 - 1:00AM
NEWSBTC
Bitcoin is marching higher, easing past $70,000 and $72,000 in the
past two days, sparking a wave of demand. Although prices are
moving within a tight range at spot rates, the uptrend remains.
While there are pockets of weakness, at least seen earlier today,
candlestick formation in the daily and weekly charts point to
strength. Is Bitcoin Preparing For A 6X Surge To $462,000? In a
post on X, one analyst thinks Bitcoin will not only break above its
all-time high at $74,000 but can easily 6X to over $462,000 in the
coming sessions. To support this outlook, the analyst said the coin
is breaking out above key resistance levels, and Fibonacci
extension levels mirror this shift in trend after the Q3 2024
plunge. Related Reading: Bitcoin Needs Daily Close Above $76,000 To
Confirm True Breakout: Analyst Based on the analyst’s assessment,
historical price action shows that BTC peaks between the 1.618 and
2.272 Fibonacci extension levels. Technical analysts use this tool
to project how fast prices will rally or drop based on a given
range. If history guides and the Fibonacci extension levels remain
valid, applying the same pattern to the current cycle could easily
see Bitcoin soar to between $174,000 and $462,000. These two levels
mark the extension levels’ lower and upper limits that define
past cycles’ peak zone. As bullish as this forecast is, it should
be known that the range anchoring any Fibonacci extension is
subjective. For this reason, it will change depending on the
analyst, meaning potential peaks will shift accordingly. Despite
everything, the consensus is that Bitcoin could break and reach new
all-time highs in Q4 2024. Taking to X, another analyst said
Bitcoin is already within a bullish breakout formation, easing
above a descending channel or bull flag. At the same time, prices
are breaking above the resistance of a “cup and handle” pattern.
Institutions Buying As BTC Recovers If bulls take over, pushing
prices higher, the evolution would confirm gains of Q1 2024.
Subsequently, it would mark the resumption of bulls, an encouraging
development following the 30% drop from March highs.
Related Reading: Dogecoin Metrics Reveal Increasing Network
Activity – Is DOGE Ready To Break Yearly Highs? Amid this wave of
optimism, institutions are also pouring in, getting exposure via
spot Bitcoin ETFs. According to SosoValue, there are massive
inflows as institutions buy more shares on behalf of their clients.
On October 29, spot Bitcoin ETF issuers in the United States bought
$870 million worth of shares backed by BTC for their clients.
BlackRock’s IBIT received $642 million, pushing their BTC under
management to over $24.9 billion. Feature image from DALLE, chart
from TradingView
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