Bitcoin (BTC) Price Close to Clearing 214-Day Resistance — Breakout Could Lead to New All-Time High

Key Takeaways

• The Bitcoin (BTC) price has traded inside a channel for 214 days.
• BTC also trades inside the $64,500 horizontal resistance area.
• Can BTC finally break out and reach a new all-time high?

The BTC price started its recovery on Aug. 5 and created its first higher low on Sept. 6. After a brief decline, BTC started another upward movement on Oct. 10 and is attempting to break out from its long-term corrective pattern.

Will Bitcoin break out, and what’s the next target if it does? Let’s find out!

Bitcoin Price Near Resistance

The daily time frame chart shows that BTC has traded inside a descending parallel channel since the all-time high of $73,777 in March.

The resistance and support trend lines have been validated numerous times during this time.

More recently, the BTC price validated the channel’s support trend line on Aug. 5 (white icon), creating a higher low in September.

After moving above the channel’s midline, Bitcoin validated it as support (black circle) on Oct. 10 and resumed its upward movement.

BTC is now approaching the channel’s resistance trend line.

Since the trend line has existed for 214 days, a breakout from it can accelerate the rate of increase toward an all-time high.

Technical indicators are showing bullish signs. The Relative Strength Index (RSI) has just moved above 50, while the Moving Average Convergence/Divergence (MACD) made a bullish cross.

The previous tie this happened (white) led to a significant upward movement that took the price toward resistance.

So, if previous history is followed, the price of Bitcoin will break out and move toward its all-time high. If it breaks out, the 1.61 external Fibonacci retracement will provide the next target at $88,690.

What Analysts are Saying

Cryptocurrency analysts and investors on X have a mostly positive view of the future Bitcoin trend. Bluntz Capital uses a rapidly accelerating wave count to predict an extremely bullish Bitcoin price, implying that a new all-time high will soon be reached.

Because of the extension, he believes BTC can reach above $100,000 in this cycle.

Vivek agrees with the target , though he comes to his conclusion because of the correlation between the M2 money supply and Bitcoin’s growth. He suggests that its growth will be mirrored in the Bitcoin price, which can then reach $100,000.

Income Sharks suggests that once the price breaks out above its all-time high, it will begin the most rapid portion of its increase since the extra attention will help onboard new users.

Finally, the Bitcoin Rainbow Chart Blum implies that the Bitcoin price is undervalued and has yet to begin the most rapid portion of its increase.

BTC Price Breakout Ahead?

A closer look at the daily time frame movement gives even more bullish price action. The movement has increased alongside an ascending support trend line since Aug. 5. More recently, the trend line was validated on Sept. 6 and Oct. 10.

During this time, BTC has faced resistance at $64,500. Combined with the trend line, this created an ascending triangle, considered a bullish pattern.

After deviation above the $64,500 resistance area (black circle), the Bitcoin price reached it again today, on Oct. 14. A possible breakout aligns with the breakout from the long-term channel.

The short-term six-hour chart shows a completed A-B-C correction since Sept. 28. This means that the upward movements are impulsive while the downward ones are corrective, aligning with the daily time frame analysis.

Moreover, the BTC price broke out from a descending resistance trend line, confirming the correction is over.

As a result, the most likely future outlook suggests that BTC will break out from the $64,500 resistance area and the long-term channel.

Then, it can move toward its all-time high and possibly a target of $88,690.

Bullish End to 2024

The Bitcoin price trades inside a horizontal resistance and very close to a long-term diagonal resistance.

A breakout from them can trigger an upward movement toward the BTC’s all-time high price.

The wave count, price action, and indicator readings all give a bullish Bitcoin price prediction, suggesting a new all-time high is likely.

Read More: Bitcoin Price Prediction 2024: BTC Price Analysis