Bitcoin (BTC) analysts are focusing on targets just below the All-Time-High of $73,679. However, they warn that although the chart structure is strong after breaking above $69,000, the path ahead may be volatile.
Bitcoin "is displaying remarkable technical strength," wrote Jonathan de Wet, investment director of the digital asset platform ZeroCap, in an analysis note on October 22 that TinTucBitcoin has reviewed.
Bitcoin is trading at $67,054 at the time of publication, down 0.40% since October 21. Source: TradingView
De Wet noted that Bitcoin has "broken" the descending resistance level from June, an observation also pointed out by many other crypto analysts.
"We have been patient for many months. Uncharted territory, on the horizon," anonymous trader Jelle stated.
"Bitcoin price has disappointed many over the past 7 months, but the reality is this has allowed price action to re-enter this area," BitLab Academy director Kelly Kallam added.
Short-term downside risks, analysts say
However, Mena Theodorou, co-founder of the crypto exchange Coinstash, warned in a market report on October 21 that "geopolitical risks could also create short-term downside, especially after recent unrest in China and the Middle East."
Recently, Bitcoin has reacted negatively to signs of geopolitical conflict. On October 3, TinTucBitcoin reported that after a major missile attack by Iran targeting sites across Israel on the evening of October 1, Bitcoin price dropped nearly $4,000.
However, on October 21, Bitcoin surged above $69,000 for the first time since June 11, which Theodorou sees as a sign that the crypto market is "preparing for a big week."
Since then, it has corrected around 2.80%, trading at $67,054 at the time of publication.
Expect market volatility before Bitcoin breaks All-Time-High
De Wet explained that once Bitcoin clears the $70,000 mark — a level it has not reached since June 7 — it is likely to quickly rise to $72,000.
According to de Wet, breaking the current All-Time-High of $73,679 set in March will not happen without "some volatility" along the way. He is confident the asset will break that level before the end of 2024:
"Will we see new All-Time-Highs before the year is out? We think so."
Theodorou noted that the increase is "driven" by recent demand for Bitcoin exchange-traded funds (ETFs) in the US.
Between October 14 and 18, Theodorou emphasized that Bitcoin ETF investors bought the equivalent of 36,500 BTC, which he reiterated is "over ten times the daily issuance of 450 BTC."
"Essentially, we are seeing investors buying BTC at a much faster pace than its mining capacity."
