The price of Bitcoin surged to over $64,000 over the weekend. Crypto market analysts predict that early October could usher in a bull run that will see BTC trade over $70,000. Today’s BTC price is up nearly 10% since the release of the US CPI report on October 10, 2024.
Bitcoin October is here
According to on-chain data from CoinGecko, the Bitcoin (BTC) price today is $64,424, up 2.5% in the past 24 hours. The Bitcoin Fear and Greed Index shows that investor sentiment is 48 neutral.
Bitcoin analysts predict that BTC could break through the $65,000 resistance level this week. On-chain data suggests that last week’s bullish momentum will continue.
Trading analyst Skew sees the $65,000 level as a key hurdle for Bitcoin bulls. Focusing on the Bitcoin/USDT 4-hour chart, Skew notes that the Relative Strength Index (RSI) remains above 50, which suggests strong spot demand.
Second, material indicators reinforce the bullish sentiment in the market. Binance’s BTC/USDT order book liquidity chart shows that important price targets are located below $65,000, specifically around $64,900.
Finally, crypto analyst Michaël van de Poppe is slightly more cautious, but still bullish. Yesterday, he noted that “Bitcoin is consolidating and could retest around $615,000 to $62,000 before continuing the uptrend. The upside is huge and a test of $64,000 could be key to a breakout.”
In the past hour, his theory has been validated. He noted, “Bitcoin did test $62,000 and is facing a key resistance zone. As Uptober finally starts to expand, expect a breakout this week/next.”
Bitcoin may have finally seen the bull rally that investors have been waiting for since the BTC halving in April. Additionally, another rally was expected following the approval of the spot BTC ETF in January.
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