Bitcoin is on the Move!🚀

A breakout is in motion for Bitcoin as it breaks $72,000

Oct 29, 2024

Hey Thinkers 💡

Bitcoin Bull Rally in Motion

Bitcoin is in the midst of an impressive bull rally, recently breaking through $71,000 and $72,000, and now approaching $73,000 at the time of writing. The chart setup was textbook: after establishing a low in August, Bitcoin has formed a clear pattern of higher highs and higher lows over the past few months.

A Bull Flag Breakout

We’re witnessing a beautiful bull flag breakout. Once Bitcoin crosses the $73,000 price point, it will enter into price discovery mode, where new highs may be established without previous resistance levels to limit upward movement.

Analyst Insight: Rekt Capital’s Take on the Market

Renowned analyst Rekt Capital highlighted a key technical level, saying, "A monthly close above the blue range high resistance (~$71,500) would bring Bitcoin one step closer to confirming a breakout from the macro reaccumulation range." This monthly close could set Bitcoin up for even further bullish momentum.

Election Influence & Market Sentiment

However, it's wise to remain cautious. With the U.S. election approaching, we could experience a "buy the rumor, sell the news" scenario, as some crypto investors speculate on a Trump victory. In addition, Bitcoin needs a weekly close above $71,000 to solidify the bullish trend and avoid any retracement.

Potential for Altcoin Rally

Historically, liquidity often flows from Bitcoin into altcoins following strong BTC rallies. If Bitcoin’s bullish momentum holds, we may see this pattern play out once again, giving the altcoin market a potential boost.

Certain altcoins such as Solana and Dogecoin are starting to see breakout movements which is a great sign.

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