Bitcoin BTC/USD is on the verge of reaching a new all-time high, according to a prominent crypto analyst. The analyst suggests that Bitcoin must break through a significant resistance level to achieve this milestone.
What Happened: Bitcoin could reach a new peak if it surpasses the $64,000 resistance level.
Inmortal, a well-known trader, shared with his 216,300 followers on X that Bitcoin’s recent decline from around $66,000 to $60,000 might be forming a local bottom. He is considering going long on BTC if it demonstrates a swing failure pattern near $60,000 or gains acceptance above $63,000.
"Breakout above $64,000 = New ATH."
Meanwhile, another analyst, Kaleo, predicts a short-term dip to approximately $57,000 or $58,000 before a rebound. He expects Bitcoin to rise gradually over the next month, especially after the presidential election, advising traders to accumulate during this period.
"Bitcoin. Still looking like a quick little chop to $57,000 or $58,000, followed by a grind higher the rest of the month into a full send post election."
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Why It Matters: The potential for Bitcoin to hit new highs comes amid a backdrop of strong market performance. Recently, cryptocurrency markets have been buoyed by positive labor market data, signaling the end of the summer lull and the start of a bullish fourth quarter.
Additionally, technical analysts have noted Bitcoin’s rebound above $61,500, suggesting that $80,000 is more likely than $40,000. This aligns with the current bullish sentiment, despite some bearish low-timeframe actions.
Furthermore, Standard Chartered has highlighted Bitcoin’s role as a hedge against traditional financial system issues, rather than geopolitical tensions. This perspective reinforces the notion that Bitcoin’s price movements are more influenced by financial market dynamics than geopolitical events.
Price Action: At the time of writing, Bitcoin is trading at $62,120, showing a 1.5% increase over the past 24 hours, according to Benzinga Pro data.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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