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.”
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.”
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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Generated Image: Midjourney