The Bitcoin price has slowed down over the previous couple of days, crashing to around $65,500 on the morning of Saturday, October 26. The premier cryptocurrency has not particularly impressed within the historically bullish month of October, but the following few days may very well be pivotal to the coin’s future trajectory.
Having seemingly established support within the $65,000 region, the BTC price appears to be gearing for a run to the upside and potentially resuming the bull cycle. A well-liked crypto pundit on the social media platform X has sketched the possible route of the market leader to a recent all-time high.
Can BTC Price Reach $78,000 Before 2025?
In a recent post on X, crypto analyst Ali Martinez has painted a recent bullish outlook for the Bitcoin price because the month of October draws to a detailed. Based on the expert, the flagship cryptocurrency could witness a rally beyond its current record-high price and towards $78,000 before the tip of 2024.
This bullish projection relies on the formation of a descending channel pattern on the each day Bitcoin price chart. A descending channel is a chart formation in technical evaluation comprising two major trendlines; the upper line serving because the resistance and the lower line serving because the support level.
Source: Ali_charts/X
As seen within the highlighted chart, prices are inclined to move inside this descending channel over a period. This technical evaluation pattern can suggest the continuation of a downward trend. Based on price motion data, BTC has continued inside the current descending channel since March 2024.
Nevertheless, a breakout of this channel might be used to discover the reversal or confirm the continuation of a market trend. If a breakout occurs to the upside of the upper trendline, it suggests that there may be a shift from a downtrend to an uptrend. A breakout across the underside trendline, then again, signals trend continuation.
The Bitcoin price has broken above and retested the upper trendline of its current channel, confirming a shift from a downtrend to an uptrend. Martinez noted in his post that after BTC didn’t breach the $65,000 support, investors could see the worth of Bitcoin jump to $72,000 before a temporary correction to $69,000.
Ultimately, the crypto analyst believes this short pullback will only precede a 16% rally to the $78,000 region for the BTC price. Interestingly, the timeline of this bullish projection coincides with the historically bullish fourth-quarter period.
Bitcoin Price At A Glance
As of this writing, the price of Bitcoin sits just above $67,000, reflecting a mere 1.3% increase previously 24 hours.
The value of BTC on the each day timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView