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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.