A closely watched crypto strategist believes that Bitcoin will generate more bullish momentum if BTC manages to convincingly reclaim a key price area.
Pseudonymous analyst Inmortal tells his 216,500 followers on social media platform
According to the trader, BTC will witness more rallies if it holds the price level. noticing that Bitcoin opened the month of October at around $63,000.
“Uptober resumes above $63,000
BTC.”
Yesterday, Bitcoin rose to a 24-hour high of $64,458. The top crypto by market cap has since corrected and is trading at $62,485 at the time of writing.
Zooming out, Inmortal sees the possibility of Bitcoin following in the footsteps of the October 2023 price action. The trader shares a chart that suggests Bitcoin is on the verge of a major breakout after more than six months of sideways movement.
“October 2023 versus 2024.
Both were preceded by 200 days of accumulation.
BTC.”
Looking at the trader’s chart, he seems to suggest that Bitcoin is currently in the final stages of its consolidation before a breakout occurs, similar to what happened last year when BTC was trading near $20,000.
According to Inmortal, Bitcoin will do the same to confirm the pattern if it successfully moves above a resistance zone.
“Breakthrough above $64,000 = new all-time high.
BTC.”
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Generated image: Midjourney