The price of Bitcoin rose to the level of $67,803, breaking above a falling wedge pattern on the daily chart, and has been made one of the most expensive cryptocurrency to date. The breakout is not confirmed yet because Bitcoin hasn’t closed a daily candle above the resistance.
Fortunately, crypto analysts have already been quick to share their insight on the next target. The 2024 is the 2024 ‘nope zone’, and if Bitcoin gets above this level it could be bullish, says a CryptoQuant analyst, who goes by the handle Papi.
Bitcoin Shows Bullish Signals
A positive sign, Papi said, was a high open interest and ETF flows, but net flows on derivatives exchanges are neutral. Even if the breakout doesn’t last, he says Bitcoin is at a critical juncture with strong support at $60,000 and the $50,000 mid-range.
After the breakout, BTC saw a small correction that sent it up to $66,047 in the last 24 hours, up 0.2 percent. Though pulled back in this way, analysts are still optimistic. Crypto commentator Captain Faibik pointed out the $68,000 resistance level and expects a turn of BTC towards $88,000 to $90,000 in November.
Like us, analyst RektCapital observed that BTC rejecting to the top of its downtrending channel is solidifying, meaning that should resistance continue to erode, we could see a major move up well from this point.
