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Bitcoin’s price spiked over the weekend to above $64,000. Crypto market analysts predict that Uptober could usher in a bull run that would see $BTC trading above $70,000. Today’s $BTC price run nears a 10% surge since the U.S. CPI report read on October 10th, 2024.
Bitcoin Uptober is here
According to on-chain data from CoinGecko, today’s Bitcoin ($BTC) price stands at $64,424, up 2.5% in the last 24 hours. The Bitcoin Fear and Greed Index shows investors at a 48 neutral sentiment.
Bitcoin analysts predict that $BTC could break through the $65,000 resistance level this week. On-chain data points to the continuation of last week’s bullish momentum.
Trading analyst Skew sees the $65,000 level as a critical hurdle for Bitcoin’s bulls. Focusing on the Bitcoin/$USDT 4-hour chart skew points that the Relative Strength Index (RSI) is staying above 50, which suggests strong spot demand.
Secondly, material indicators reinforce the bullish sentiment in the market. The $BTC/$USDT order book liquidity chart for Binance indicates significant price targets positioned just below the $65,000 mark, particularly around the $64,900 level.
Lastly, crypto analyst Michaël van de Poppe offers a slightly more cautious, yet still bullish, outlook. Yesterday, he pointed out, “Bitcoin consolidating and probably retesting around $61.5K to $62K before continuing its upwards trend. The build-up is massive, and a test of $64,000 could be the key to breaking out.”
In the last hour, his theory was tested right. He points out, “Bitcoin did test $62K and is facing the crucial resistance zone. Expecting to see a breakout upward happen this week / next week as Uptober is finally expanding.”
Bitcoin could finally be seeing the bull rally investors have been watching out for since the $BTC halving in April. This is in addition to the rally expected to come with the Spot $BTC ETFs approvals in January.