Bitcoin's price has climbed above $64,000 for the first time since October 7, igniting excitement among cryptocurrency experts who believe this could be the pivotal moment that the market has been anticipating for October.
After falling to $59,000 on October 10, Bitcoin has rebounded, reaching $64,793. Although it hasn't set a new all-time high, this upward movement has shifted the overall sentiment in the market. Historically, October is a month where Bitcoin often experiences significant growth.
Dan Tapiero, the founder of 10T Holdings, highlighted Bitcoin's current momentum, stating that the cryptocurrency is "on the brink" after it saw a 3.16% rise between October 13 and 14. He suggested that if Bitcoin breaks through a price level not seen in four months, it could experience a substantial rise, with traders hoping for new highs by the end of the year. Tapiero further added that surpassing the $70,000 mark could lead to a breakout, similar to the surge that occurred when Bitcoin hit $71,082 on June 6.
Tapiero also noted that Bitcoin's current price is "coiling," indicating a possible breakout soon, as the cryptocurrency has already risen by 2.48% this month.
An anonymous trader, Jelle, shared the same outlook, observing that Bitcoin's consolidation phase is nearing its conclusion. The price has been fluctuating between $58,000 and $72,000 since the April 20 halving event.
Jelle highlighted that Bitcoin has formed two higher lows and one higher high, suggesting the potential for new price records. Analyst Matthew Hyland also pointed out that Bitcoin's 10-day moving average is on the rise, and during 80%-90% of 2024, whenever this indicator climbs, Bitcoin's price typically follows the same trend.
