Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Bitcoin Completes Retest Phase: Only One Thing Left For A $110,000 Price By December

Source Newsbtc

The Bitcoin price action was marked by ups and downs in the just concluded week, serving as a reminder of the volatile nature of the digital asset. According to price data, Bitcoin has just completed a retest of the downward sloping trendline that has limited its price rallies since March.

As analyst EGRAG CRYPTO pointed out, the only thing left is for a complete body closure on the weekly timeframe. This closure will be pivotal in determining the next phase of Bitcoin’s price action, potentially setting the stage for a rally into new price territories.

Bitcoin Completes Trendline Retest

Technical analysis of the Bitcoin price indicates a breakout from a resistance trendline in the middle of October. Although this breakout saw the crypto breaking above $68,000 for the first time in three months, a consolidation shortly after suggested the work wasn’t done yet.

However, Bitcoin started the just concluded week on a good form. Particularly, BTC rallied in the last three days of October from $66,900 on October 27 until it reached $73,540 on October 29. This represented an increase of about 10% in just two days. Interestingly, this was enough to complete a successful breakout of this resistance trendline.

According to EGRAG CRYPTO, Bitcoin has successfully broken out and confirmed a retest phase. However, the breakout noted by the analyst is in a larger timeframe on the weekly candlestick chart. Looking at the Bitcoin price chart below, the initial breakout noted by EGRAG CRYPTO goes as far back as February 2024, when the top coin broke out above $47,000.

What this means is that when looking at the weekly timeframe, Bitcoin’s journey to the peak/all-time high of $73,737 on March 14, the correction up until a low of $49,800 on August 5, and the recent return above $73,000 are all part of one large breakout and retest move that has played out for the last 38 weeks.

What’s Next For Bitcoin?

This sequence of price movements paints a picture of Bitcoin’s resilience and a prevalent bullish sentiment among traders. According to EGRAG, the pattern is super bullish and he expects the crypto to continue on this run. In terms of a price target, the analyst suggested a potential rise to the $90,000 to the $110,000 range by December 2024. This represents 32% and 62% returns, respectively, from the $68,000 breakout. Interestingly, EGRAG also noted that the only thing left to certify this run is for the price to close the week in a green zone.

At the time of writing, Bitcoin is trading at $68,500, down by about 1.9% in the past 24 hours. This minor pullback, however, does not seem to deter the overall bullish sentiment surrounding Bitcoin at the moment.

Featured image from CNBC, chart from TradingView

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Bitcoin falls below $75,000 as the CLARITY Act fails in the Senate — what the vote means for crypto The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Author Suzie

Sep 16, Wed

The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks in The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Author Irene Q.

Sep 17, Thu

The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

US to delay new "overcapacity" tariffs on China — what the pause means for trade, inflation and the dollar Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Author Mitrade

Sep 18, Fri

Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Gold ends three-week slide at the $4,400 line — eight straight days of ETF inflows vs a 5% 10-year and a 100 dollar Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Author Suzie

22 hours ago

Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Bitcoin squeezes back above $80,000 — 110,000 traders liquidated as the hawkish Fed and CLARITY setback fail to hold it down; is $83,000 next?Bitcoin closed above $80,000 on Friday for the first time since September 7, and pushed to $81,299 over the weekend, triggering about $603 million of liquidations — $523 million of them shorts — across more than 110,000 traders. With the Fed's hike already priced and the SEC and CFTC advancing crypto rules after the CLARITY Act failed, here is what stands between BTC and the $83,000 gate.

Author Suzie

21 hours ago

Bitcoin closed above $80,000 on Friday for the first time since September 7, and pushed to $81,299 over the weekend, triggering about $603 million of liquidations — $523 million of them shorts — across more than 110,000 traders. With the Fed's hike already priced and the SEC and CFTC advancing crypto rules after the CLARITY Act failed, here is what stands between BTC and the $83,000 gate.

Popular Symbols