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Analyst: BTC Price on Track for Major Breakout

Analyst: BTC Price on Track for Major Breakout

Bitget2024/10/20 15:28

In his latest blog post, Caleb Franzen, founder of Cubic Analytics, says that Bitcoin (BTC) price is poised for a major breakout, noting that BTC needs to catch up with the performance of the U.S. stock market, and in particular the SP 500 index, which has been making record highs. Franzen compares BTC/USD to the Invesco SP 500 Equal Weight ETF (RSP) and notes that BTC/RSP is breaking out of its return channel. He advises traders to short RSP and go long BTC. Franzen uses the Williams%R Oscillator tool to further support his optimistic forecast, noting that the signal was seen in January 2024 and October 2023, and that BTC/USD subsequently rose 48% and 123%, respectively. Franzen also mentions that with the Bitcoin price has reached its highest point since July 2024, investors are confident in its potential to continue to rise, especially against the backdrop of stocks hitting record highs. According to Cointelegraph, BTC price forecasts show new macro highs in 2025, but there is also the potential for continued gains in the short term. Analyst Rekt Capital emphasized the significance of the current BTC price action, noting that Bitcoin has broken above a key resistance area on the daily chart for the first time.

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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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