A closely followed crypto strategist believes Bitcoin will generate more bullish momentum if BTC manages to convincingly reclaim a key price area.
Pseudonymous analyst Inmortal tells his 216,500 followers on the social media platform X that all eyes are on Bitcoin after BTC surged past $63,000 yesterday.
According to the trader, BTC will witness more rallies if it holds the price level, noting that Bitcoin opened the month of October at around $63,000.
“Uptober resumes above $63,000
BTC.”
Source: Inmortal/X
Yesterday, Bitcoin rallied to a 24-hour high of $64,458. The top crypto by market cap has corrected since and is trading at $62,485 at time of writing.
Zooming out, Inmortal sees the possibility that Bitcoin may be following in the footsteps of its October 2023 price action. The trader shares a chart suggesting that Bitcoin is on the verge of a big breakout after over six months of sideways movement.
“October 2023 vs 2024.
Both preceded by 200 days of accumulation.
BTC.”
Source: Inmortal/X
Looking at the trader’s chart, he seems to suggest that Bitcoin is currently in the final stages of its consolidation before sparking a breakout, similar to what happened last year when BTC was trading close to $20,000.
According to Inmortal, Bitcoin will confirm the pattern if it successfully moves above a resistance zone.
“Breakout above $64,000 = new all-time high.
BTC.”
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The post ‘All Eyes on BTC’ – Trader Sees Bitcoin Mirroring October 2023 Run-Up After 200 Days of Accumulation appeared first on The Daily Hodl.
This articles is written by : Fady Askharoun Samy Askharoun
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