As Bitcoin embarks on its seventh consecutive day of upward momentum, the question arises: Could a rally push it to $69,848 this weekend?
With a bullish recovery underway, Bitcoin has experienced a surge in its trend momentum. Last week, it rose by 7.5%, building on the previous week’s 7.77% increase. Since September 1, Bitcoin’s price has grown by 7.88%, starting at $58,967. This robust recovery rally is expected to counterbalance the 8.74% decline observed in August 2024.
Despite this short-term bullish trend, Bitcoin remains within the consolidation range established in March 2024. The price action has shown several lower rejections in multiple monthly candles, hinting at a potential rebound that could surpass its all-time high of $73,794.
**Bitcoin Halving Patterns Revisited**
In a recent tweet, prominent crypto analyst Ali Martinez pointed out the parallels in Bitcoin’s price movements during halving years. After the second halving in 2016, Bitcoin saw a remarkable 61% increase in Q4. Similarly, during the third halving in 2020, the cryptocurrency soared by 171% in the year’s final quarter. We are now witnessing a comparable pattern in 2024, consistent with the trends of previous halving years.
Given this context, it’s anticipated that Bitcoin’s price will surge in the upcoming three months of 2024. Additionally, data from Coinglass indicates that October has historically been a strong month for Bitcoin, with significant gains noted over the past five years. In 2023, Bitcoin rose by 28.52%, in 2021 by 39.93%, and in 2020 by 27.7%. During the 2016 halving year, Bitcoin saw a 14.71% uptick in October. Thus, a continuation of this bullish trend seems likely.
**V-Shaped Recovery Aiming for $69K**
Analyzing the 4-hour chart reveals a V-shaped recovery pattern for Bitcoin, currently testing the neckline at $64,600. Should a breakout occur, the price could approach the $69,848 resistance level by the week’s end.
*Bitcoin Price Chart*
An intermediate resistance at $66,560 may require a retest of the $64,600 breakout point. Conversely, key support levels for Bitcoin are identified at $61,451 and $57,681.
Technical indicators further support Bitcoin’s potential for upward movement. The MACD indicator signals an imminent positive crossover between the MACD and signal lines. Meanwhile, the 200 and 100 SMA on the 4-hour chart are exhibiting bullish tendencies and may soon produce a positive crossover. This suggests that bullish momentum for Bitcoin is strengthening in the short term.
**Disclaimer:** This content is intended for informational purposes only and should not be interpreted as financial advice. The opinions expressed herein are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.
