Bitcoin (BTC) Price Crosses $71,000 in a 144-Day High — All-Time High Within Reach

Key Takeaways

• Bitcoin (BTC) reached a 144-day high on Oct. 29
• Long-term indicators gave a rare bullish signal.
• When will Bitcoin reach a new all-time high?

The Bitcoin price increased over 12% in October, breaking from a long-term pattern. Bitcoin is less than 5% away from its all-time high, and indicators give a bullish signal.

So, it is certain that BTC will break its previous high soon. When will Bitcoin do so, and what’s a likely area for the top? Let’s find out.

Bitcoin Crosses $71,000

The weekly time frame Bitcoin chart shows that the price finally broke out from a descending parallel channel that had existed since the all-time high in March. The channel had existed for 217 days at the time of the breakout.

On Oct. 29, the Bitcoin price reached a high of $71,500, less than 5% away from the all-time high of $73,794. The highest-ever weekly close is $71,285, so Bitcoin may break both this week.

Technical indicators gave an extremely bullish signal. The Moving Average Convergence/Divergence (MACD) made a bullish cross (black circle), while the Relative Strength Index (RSI) is above 50.

The previous time this signal (white line) was shown, it catalyzed a 147% price increase, leading to the all-time high Bitcoin price.

What’s Next?

Like the positive price action, the long-term wave count predicts a new all-time high Bitcoin price. The most likely count suggests that Bitcoin is in the fifth and final wave of an upward movement that started in November 2023.

If the count is accurate, the most likely target range for the top of wave five is between $85,100 – $88,800. The range is created by the 1.61 external Fibonacci retracement of wave four (black) and by giving wave five 0.618 times the length of waves one and three combined (white).

Using an ascending parallel channel to connect the bottoms of waves two and four and project the slope to the top of wave three is possible. Wave five often ends in the middle of this channel.

Aligning this with our target, the high may be reached in March (black circle).

If wave five extends, the next target will be between $107,150 and $113,300. Likewise, the target is created by the 2.61 external Fibonacci retracement of wave four and by giving wave five the same length as waves one and three combined.

Because of the extension, this move will likely take the BTC price to the resistance trend line of the same channel. The trend line coincides with this area in July 2025 (white circle).

BTC All-Time High

Bitcoin’s price broke out from a long-term parallel channel and has nearly reached a new all-time high. Long-term indicators give a bullish signal that previously triggered the rally to the current high.

Finally, the wave count predicts the cycle high will occur in either March or July 2025.