Bitcoin (BTC) experienced a 5% surge on October 29, surpassing the $70,000 milestone and leading traders to set ambitious goals for its future. According to data from Cointelegraph Markets Pro and TradingView, Bitcoin climbed from a low of $67,541 on October 29, reaching a 20-week high of $71,500 on the same day.
Accompanying the rise in Bitcoin’s price is a significant increase in trading volume, which currently stands at $47.5 billion, nearly double the volume seen on October 28, as reported by CoinMarketCap.
This surge in price led to the liquidation of over $78 million in short positions in the past 24 hours, potentially contributing to the upward momentum as traders closed their losing bets, according to data from CoinGlass.
Analysts believe that Bitcoin still faces one last obstacle before reaching new all-time highs. The $70,000 level has now become a potential strong support for the cryptocurrency. Analyst Jelle stated on October 29 that there is a supply zone between the $72,000 mark and the all-time high at $73,835 that needs to be overcome for price discovery to occur.
Fellow analyst Amber_D also observed Bitcoin trading above $71,000 and highlighted the presence of ask orders worth more than $35.7 million just above the $72,000 level, emphasizing its significance to bearish traders.
However, the resistance Bitcoin encounters on its path to recovery is relatively weaker compared to the support it enjoys on the downside. The in/out of the money around price (IOMAP) metric from IntoTheBlock indicates that the support between $66,845 and $68,948 is stronger than the resistance around the $72,000 mark, suggesting that the path of least resistance is upward.
If Bitcoin price manages to close convincingly above the $72,000 level, it is likely to enter price discovery above the all-time high of nearly $74,000 achieved in March 2024.
The breakout in BTC price on October 28 has instilled optimism among analysts, who are now making predictions on how high Bitcoin’s price can reach during this cycle. Veteran trader Peter Brandt suggests three scenarios based on two chart patterns: a 5-month inverted expanding triangle and a historical pattern based on Bitcoin halvings. The first scenario predicts a target price of $94,000, while the second scenario projects a price target just below $235,000.
Brandt also notes a “beautiful symmetry of past BTC bull market cycles,” predicting that the peak of the current bull market cycle will occur in late August 2025 or early September 2025, with the price ranging between $130,000 and $150,000.
Additionally, pseudonymous analyst Dyme believes that a price target of $150,000 is “perfectly possible” for Bitcoin based on their Pi Cycle analysis.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and exercise caution when making investment decisions.