Crypto analyst Inmortal has suggested that Bitcoin (BTC) could see a significant rally if it can firmly reclaim a crucial price threshold. With a following of 216,500 on the platform X, Inmortal emphasized the importance of the cryptocurrency’s recent surge past $63,000, placing Bitcoin back in the spotlight.
What Are Bitcoin’s Performance Expectations for October?
The analyst believes that maintaining the current price level could lead to further upward movement for Bitcoin. He highlighted that Bitcoin commenced October trading around $63,000.
Could Bitcoin Break Above the Resistance Zone?
Inmortal has pointed out that a successful breach of the resistance barrier above $64,000 would signify a strong bullish momentum. He remarked, “A breakout above $64,000 would create a new all-time high.”
Recently, Bitcoin touched a high of $64,458 within a 24-hour period but has since corrected to approximately $62,485. As the market watches for Bitcoin’s next moves, Inmortal is focusing on overcoming significant resistance thresholds.
- Bitcoin’s current trajectory resembles past patterns seen in October 2023 and 2024 after lengthy accumulation phases.
- A surge past $64,000 could lead to new historical highs, boosting overall market sentiment.
- Monitoring these key levels will be crucial for investors and market observers alike.
With critical price levels being monitored, Bitcoin’s future trajectory could profoundly impact the wider cryptocurrency market, signaling possible shifts in market dynamics.