Bitcoin could break through to $70,000
Although the current rise above $64,000 is not equal to new record highs, it has analysts feeling bullish.
Although the current rise above $64,000 isn’t the same as setting new record highs, it has analysts feeling more optimistic.
After the drop to $59,000 on October 10 during a month historically favorable for Bitcoin, expectations are growing that a larger rise is coming. Dan Tapiero, founder of 10T Holdings, noted on October 14 that Bitcoin is "on the verge" of breaking out. According to Tapiero, a break above $70,000 could give a big push to the price, which has traders hopeful for Q4 this year. He added: "When it breaks above $70,000, the market will go wild." The last time Bitcoin hit that level was June 6, when it peaked at $71,082.
Tapiero described the current price action of Bitcoin as “coiling,” a term that indicates the price is moving in a progressively tighter range. This often signals a potential major breakout.
A similar optimistic note came from anonymous crypto trader Jelle. He noted that Bitcoin appears ready for further gains. Since the Bitcoin halving on April 20, which halved miners’ rewards, Bitcoin has been trading sideways between $58,000 and $72,000.
In a post on October 14, Jelle said: “With two higher lows and a higher high, it seems Bitcoin is ready for new all-time highs.” He added: “The summer calm is over. Let’s have some fun.”
Additionally, crypto trader Matthew Hyland pointed out that Bitcoin’s 10-day simple moving average (SMA) — which tracks the average price over the past 10 days — is rising again. Hyland noted that “in 80%-90% of cases in 2024, when the 10-day SMA rose, Bitcoin price also rose.”
With these positive signals and renewed October gains, the question remains whether Bitcoin will finally break through to $70,000.
