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As Bitcoin records its seventh consecutive bullish day, will an extension rally reach $69,848 this weekend?
With a bullish recovery in action, Bitcoin has witnessed a boost in trend momentum. Last week, it jumped 7.5%, following the 7.77% recovery the week before.
As the recovery rally gains momentum, the $BTC price has increased 7.88% from September 1, with an opening price of $58,967. Furthermore, the high-momentum recovery rally in the $BTC price will likely undermine the 8.74% drop in August 2024.
However, the short-term bull run in Bitcoin continues to respect the consolidation range starting in March 2024. With lower price rejections in multiple monthly candles, the $BTC price action teases a bounce back to surpass the all-time high of $73,794.
Bitcoin Halving Years Pattern Resurface
In a recent tweet, a well-known crypto analyst, Ali Martinez, highlighted the similarity in the Bitcoin price trend in the halving years. With the second Bitcoin halving in 2016, Q4 marked a 61% rise in $BTC prices.
Meanwhile, in 2020, during the third $BTC halving, Bitcoin gained 171% in the last quarter of the year. In 2024, a similar price action in $BTC is noticed, respecting the price trend of halving years.
Based on this assumption, the $BTC price will likely skyrocket in the next three months of 2024. Furthermore, the data from Coinglass shows that the $BTC price has recorded massive gains in October for the past five years.
According to the data, it increased by 28.52% in 2023, 39.93% in 2021, and 27.7% in 2020. In the 2016 halving year, the $BTC price jumped 14.71% in October. Hence, the $BTC price is likely to continue a bullish trend.
Bitcoin V-shaped Recovery Targets $69K
In the 4-hour chart, the short-term Bitcoin price action reveals a V-shaped recovery, challenging the neckline at $64,600. With the potential breakout, the $BTC price will likely challenge the $69,848 resistance by the end of this week.
An in-between resistance at the $66,560 level could demand a retest of the $64,600 breakout. On the other hand, the crucial support for Bitcoin stands at $61,451 and $57,681.
Finally, technical indicators bolster Bitcoin’s chances of an upside move. The MACD indicator shows a positive crossover impending in the MACD and signal lines.
Meanwhile, the 200 and 100 SMA in the 4-hour chart are bullish and likely to give a positive crossover. Hence, the bullish influence over Bitcoin is increasing in the short-term dynamics.