Bitcoin Price Surge: Will BTC Break $67,400 Resistance to Reach $86,600?
The post Bitcoin Price Surge: Will BTC Break $67,400 Resistance to Reach $86,600? appeared first on Coinpedia Fintech News
The latest surge in the Bitcoin price is the talk of the town. On October 11, BTC was priced at $60,318. Within five days, it reached a monthly peak of $67,071, marking an impressive growth of 11.19%. This has drawn experts’ attention back to the Bitcoin market. Recently, a crypto expert, Ali, made bold predictions about the future price movements of the largest cryptocurrency by market cap. Curious to know the prediction? Then you shouldn’t miss this. Read on
Bitcoin’s Key Resistance LevelIn a post published on X, Ali highlighted the level of $67,400 as a crucial resistance level for the BTC market. He used the ‘Cumulative Value Days Destroyed – Bottom & Top’ chart to spot the level. The chart tracks the value and age of Bitcoin that has been sold or destroyed after being held for a while. At present, the Bitcoin price stands at $67,138 – slightly lower than the projected resistance level. The daily chart of Bitcoin indicates that the market is under the control of buyers right now, and they are pushing the price upwards toward the crucial resistance.
If #Bitcoin can break past $67,400, the next potential local top could be around $86,600! pic.twitter.com/xIWq0hFqvQ
— Ali (@ali_charts) October 16, 2024 Bitcoin’s Next Potential TopAs per Ali’s prediction, if the BTC price breaks the key resistance level of $67,400, the next potential top of the market would be $86,600. This means that if the market breaks above the said resistance, it could create a new all-time high.
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Why Breaking $67,400 is Crucial
There is a chance the price could face a pullback at the $67,400 resistance level. The market must overcome this hurdle if it aims to reach a new ATH. This indicates that the coming hours are very crucial.
In conclusion, all eyes are on the Bitcoin market right now, as it stands very close to the highlighted resistance level. Will the market be able to overcome the potential selling pressure at the resistance level and continue its upward trend? This is a pivotal moment for Bitcoin price prediction, and the coming hours will be crucial in determining whether the market will break past the key $67,400 level. Let’s wait and see!
Stay tuned to Coinpedia for more updates on Bitcoin’s price momentum!