Bitcoin’s price has dropped over the past few days, reaching around $65,500 on the morning of Saturday, October 26. The first cryptocurrency didn’t particularly impress in the historically bullish month of October, but the next few days could be crucial for the coin’s future trajectory.
With support seemingly established in the $65,000 region, BTC price appears to be heading higher and potentially resuming the bull cycle. A popular cryptocurrency expert on social media platform X has outlined a possible path for the market leader to reach a novel record high.
Could BTC price reach $78,000 before 2025?
In a novel post on X, cryptocurrency analyst Ali Martinez painted novel bullish outlook for Bitcoin price as October comes to an end. According to the expert, the flagship cryptocurrency may experience an augment above the current record high price towards $78,000 before the end of 2024.
This bullish projection is based on the formation of a descending channel pattern on the daily Bitcoin price chart. A descending channel is a chart pattern in technical analysis that contains two main trend lines; the top line serves as resistance and the bottom line serves as support level.
Source: Ali_charts/X
As you can see in the featured chart, prices tend to move within this range descending canal for a certain period. This technical analysis pattern may suggest a continuation of the downtrend. Based on price action data, BTC has remained in its current downward channel since March 2024.
However, a breakout of this channel can be used to identify a reversal or confirm a continuation of the market trend. If the breakout occurs above the upper trendline, it suggests that a transition from a downtrend to an uptrend may occur. On the other hand, a break of the lower trend line signals a continuation of the trend.
Bitcoin price broke above and retested the upper trendline of its current channel, confirming a transition from a downtrend to an uptrend. Martinez noted in his post that after BTC failed to break above the $65,000 support, investors could see Bitcoin’s value rise to $72,000 before briefly correcting to $69,000.
Ultimately, the cryptocurrency analyst believes that this brief pullback will only happen before a 16% augment to $78,000 region for the BTC price. Interestingly, the timing of this bullish projection coincides with the historically bullish fourth quarter period.
Bitcoin price at a glance
At the time of writing, Bitcoin is trading just above $67,000, reflecting just a 1.3% gain in the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
