Bitcoin might proceed its present kind into uncharted territories if it closes across the $118,000 to $120,000 worth vary.
It’s “Uptober”, and Bitcoin is already dwelling as much as the excitement. Usually marked with optimistic worth actions, Bitcoin has began October as bullish as many count on, with its 2.86% rally to reclaim $117,000.
Might we see extra highs? Analyst Egrag Crypto believes so. In his Wednesday Bitcoin worth prediction, he recognized encouraging developments for Bitcoin, uncovering what must occur for the upward pattern to proceed.
Bullish Case for Bitcoin
He famous that if Bitcoin closes with three each day candlesticks round $118,000 and $120,000, it might flip extraordinarily bullish for the cryptocurrency. Remarkably, the worth vary aligns with a descending channel, the place Bitcoin earlier didn’t sustainably commerce above throughout its rally to the all-time excessive of $124,457 in August.
Significantly, Egrag recommended that closing above the $118,000 to $120,000 provide zone might take Bitcoin to a brand new all-time excessive of $128,336, aligning with the 1.414 Fibonacci extension. From the present worth of $117,000, this represents a ten% improve.
Bearish Case for Bitcoin
In the meantime, if Bitcoin fails to interrupt to the extent, the market commentator recommended it could proceed to consolidate inside its symmetrical triangle. This pattern will see BTC transfer sideways to replenish the triangle.
His chart signifies a key assist stage round $109,449, representing a 6.4% retracement from this level. Nonetheless, a drop towards this appears much less doubtless proper now as Bitcoin continues to pattern larger on the time of writing.
