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Analyst: Bitcoin Stands Above $69,000 to Be Considered a Bullish Breakout of Current Range

Analyst: Bitcoin Stands Above $69,000 to Be Considered a Bullish Breakout of Current Range

Bitget2024/10/11 13:30
BTC-2.30%

On Oct. 11, CoinDesk market analyst Omkar Godbole said bitcoin needs to break and hold above $69,000 to be considered a bullish breakout from the current range. A breakout would signal a resumption of the broader uptrend from the October 2023 lows and shift the focus to the $100,000 price target expected by options traders. A sideways move can be interpreted as either an accumulation period (where investors slowly buy supply without pushing prices significantly) or an allocation period (where they sell positions in a similarly controlled manner). This usually leads to subsequent periods of high volatility. Uncertainty over the U.S. election, rising U.S. Treasury yields, and the extension of Mt. Gox's repayment deadline to October 2025 have contributed to Bitcoin's sluggish price action. Bitcoin is moving out of the seasonally weak months of August and September, during which investors typically don't make big moves, and into the historically bullish month of October, with most of the gains in October typically occurring in the second half of the month, usually after October 16th, according to CoinDesk's analysis.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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