Crypto analysts are weighing in on Bitcoin’s (BTC) chances of hitting a new all-time high if it surpasses a critical resistance level. Inmortal, an anonymous trader, shared with his 216,300 followers on X that he expects a significant price surge if Bitcoin breaks past $64,000.
Inmortal’s Prediction
Inmortal believes that Bitcoin’s recent dip has formed a local bottom. The drop from around $66,000 to $60,000 between September 29 and October 2 provided bullish technical signals, according to his analysis. He suggests that if Bitcoin moves past the $64,000 threshold, it could reach a new all-time high.
Kaleo’s View
Another analyst, Kaleo, offers a more cautious perspective, predicting that Bitcoin might fall to the $57,000–$58,000 range before experiencing a strong recovery. He also expects Bitcoin to see a significant rally following the U.S. elections, marking a potential turning point for the market.
Market Status
At the time of writing, Bitcoin is trading at $61,948, showing a 2.1% increase over the last 24 hours. This market activity aligns with the varied predictions from analysts, reflecting the uncertainty in the current environment.
Investment Strategies
Inmortal highlights two key levels for long-term BTC investment: a swing failure pattern (SFP) near $60,000 or sustained momentum above $63,000. Meanwhile, Kaleo advises investors to accumulate Bitcoin during potential dips, emphasizing the long-term value regardless of short-term market fluctuations.
The differing opinions from analysts highlight the need for investors to stay informed and closely follow market trends. Whether Bitcoin surges past $64,000 or dips further before rebounding, it’s crucial for investors to do their own research and manage risks effectively.
Bitcoin, BTC, resistance level, market trends, price prediction
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