CoinWorld reported:
As Bitcoin enters its seventh consecutive bullish day, will the delayed rebound reach $69,848 this weekend?
With the resurgence of the bull market, Bitcoin’s momentum is strengthening. Last week, following a 7.77% recovery the previous week, the index rose by 7.5%.
As the recovery momentum intensifies, the BTC price has increased by 7.88% since September 1, opening at $58,967. Furthermore, the strong recovery momentum of BTC prices may disrupt the 8.74% decline observed on August 8, 2024.
However, Bitcoin’s short-term bull market continues to respect the consolidation range that began in March 2024. With the price rejection rate of multiple monthly candles decreasing, BTC prices rebounded and surpassed the historical high of $73,794.
Bitcoin’s halving pattern re-emerges
In a recent tweet, renowned cryptocurrency analyst Ali Martinez highlighted the similarities in Bitcoin’s price during halving years. Following Bitcoin’s second halving in 2016, prices rose by 61% in the fourth quarter.
Similarly, in 2020, during Bitcoin’s third halving, the cryptocurrency surged by 171% in the last quarter of that year. The price trends in 2024 are also exhibiting similar patterns, adhering to the halving year price trend.
Based on this assumption, BTC prices could soar in the next three months of 2024. Additionally, data from Coinglass indicates that BTC prices have significantly risen in October over the past five years.
Statistics show a 28.52% increase in 2023, a 39.93% increase in 2021, and a 27.7% increase in 2020. In the year of the 2016 halving, BTC prices rose by 14.71% in October. Therefore, BTC prices may continue to exhibit bullish tendencies.
Bitcoin’s V-shaped recovery targets $69,000
On the 4-hour chart, the short-term Bitcoin price trend shows a V-shaped recovery, challenging the neckline at $64,600. With a potential breakout, BTC prices may challenge the resistance level of $69,848 this weekend.
Bitcoin price chart
The intermediate resistance level at $66,560 may necessitate a retest of the breakout at $64,600. On the other hand, Bitcoin’s key support levels are at $61,451 and $57,681.
Finally, technical indicators support the likelihood of Bitcoin’s upward movement. The MACD indicator shows that the MACD and signal lines are nearing a bullish crossover.
Meanwhile, the 200 and 100 SMA on the 4-hour chart appear bullish, suggesting a potential crossover. Thus, the bullish influence on Bitcoin is increasing in the short term
