Sohrab Khawas
With a recovery rally in the daily chart, the Bitcoin price action shows a positive cycle in a larger channel pattern. The pattern is making a bullish flag in addition to the early 2024 bull run.
Will this recovery run continue as the altcoins soar? More importantly, is it safe to invest in Bitcoin right now?
Bitcoin Price Performance
The positive cycle accounts for an 18% jump in the last 20 days, challenging a crucial resistance level. The bull cycle is challenging the 50% Fibonacci level at $63,847 as it currently trades at $63,797.
Recovering from the 1.73% drop last night, the Bitcoin price has increased 1.03% today from the opening price of $63,121. The ongoing bull run has surpassed the crucial 50-day and 200-day EMA to avoid a death cross event.
With this, the 50-day and 200-day EMA are back in a positive trend and likely to provide dynamic support. The bull cycle within the channel marks a double-bottom reversal with a V-shaped recovery, testing the neckline, aligning with the 50% Fibonacci level.
Hence, the Bitcoin price tests a crucial high-supply resistance zone, which will determine the upcoming price trend. A bullish breakout will likely set the stage for the last quarter of 2024 to be extremely positive.
Will BTC Price Surpass $74K?
Based on the Q4 results of Bitcoin halving years, 2016 and 2020 had a remarkable bull run to end the year. Hence, with this bullish flag breakout, we can expect the 2024 halving year to end on a strong note.
Using the Fibonacci levels, the short-term target for the Bitcoin price breakout rally stands at $73,794 or the 1.618 Fibonacci level at $85,832. On the flip side, the $62K and $60K are crucial support levels.
Curious about Bitcoin’s bull run in October? Check out Coinpedia’s Bitcoin (BTC) Price Prediction for an overview of long-term targets!
