2024

Bitcoin

when

April

Bitcoin has surged past $64,000 for the first time since Oct. 7, sparking speculation among crypto analysts that this could be the breakout moment market participants have been anticipating during October.
<h2 id="70k-the-price-level-before-bitcoin-will-break-loose">$70K the price level before Bitcoin will “break loose”</h2>
Although Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="" target="_self" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) regaining $64,000 doesn’t equal new highs or even long-term peaks, it has changed the sentiment among commentators following Bitcoin’s retrace to $59,000 on Oct. 10, in a month that’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-october-uptober-crypto-trader" rel="null" target="null" text="null" title="https://cointelegraph.com/news/bitcoin-price-october-uptober-crypto-trader">historically one of Bitcoin’s strongest</a>.
“It’s on the verge,” 10T Holdings founder Dan Tapiero opined in an Oct. 14 X&nbsp;<a data-ct-non-breakable="null" href="https://x.com/DTAPCAP/status/1845677273187557623" rel="null" target="null" text="null" title="null">post</a>&nbsp;following Bitcoin rising above $64,000, a 3.16% gain since Oct. 13.
<figure>
 <img alt="Bitcoin Price, Markets" src="https://s3.cointelegraph.com/uploads/2024-10/01928adc-cb02-7a1d-8ccd-ca925a48ebb2" title="">
 <figcaption style="text-align: center;">
 Bitcoin was trading at $64,872 at the time of publication. Source: <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/" rel="nofollow noopener" target="_blank" text="null" title="https://www.tradingview.com/symbols/BTCUSD/">TradingView</a>
 </figcaption>
</figure>
Tapiero suggested that once Bitcoin regains price levels it hasn’t seen in about four months, it may surge to unprecedented heights, which many traders <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-100k-predictions-crypto-swyftx-analyst" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-price-100k-predictions-crypto-swyftx-analyst">have been hoping for in Q4</a>.
“Break of 70k and h6ll gonna break loose,” Tapiero added. The last time Bitcoin crossed that price level was June 6, when it reached $71,082.
Tapiero pointed out that Bitcoin’s price is “just coiling and coiling,” a term traders use when an asset’s price tightens into a narrowing range. This often signals to traders that a breakout is potentially on the horizon.
Related:&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/btc-price-sub-65k-hurdles-metric-bitcoin-rip" rel="null" target="null" text="null" title="null">BTC price eyes sub-$65K hurdles as metric hints Bitcoin ‘going to rip’</a>
Furthermore, the Bitcoin price gains of today have pushed October back into the green again, with Bitcoin up 2.48% since the start of the month.
<h2 id="bitcoin-s-summer-lull-behind-us">Bitcoin’s “summer lull” behind us</h2>
Echoing a similar sentiment, pseudonymous crypto trader Jelle is confident that Bitcoin’s extended consolidation is ending. 
Since the <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/bitcoin-halving-how-does-the-halving-cycle-work-and-why-does-it-matter" rel="" target="_self" text="null" title="https://cointelegraph.com/learn/bitcoin-halving-how-does-the-halving-cycle-work-and-why-does-it-matter">April 20 Bitcoin halving</a>, Bitcoin has been consolidating within a wide range of from $58,000 to $72,000.
<figure>
 <img alt="Bitcoin Price, Markets" src="https://s3.cointelegraph.com/uploads/2024-10/01928ae3-6286-76d2-82f5-3d1c50a74c9a" title="">
 <figcaption style="text-align: center;">
 Pseudonymous crypto trader Jelle says Bitcoin is “pushing for new highs again.” Source: X/Jelle
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“2 higher lows, a higher high &amp; prices pushing for new highs again,” Jelle declared in an Oct. 14 X&nbsp;<a data-ct-non-breakable="null" href="https://x.com/CryptoJelleNL/status/1845732387667218459" rel="null" target="null" text="null" title="null">post</a>.
“Summer lull is behind us. Let’s have some fun,” they added.
Meanwhile, crypto trader Matthew Hyland pointed out that Bitcoin’s 10-day Simple Moving Average (SMA) — which calculates the average price of Bitcoin over the last 10 daily candles — is “turning upward.”
Hyland <a data-ct-non-breakable="null" href="https://x.com/MatthewHyland_/status/1845706977751507234" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/MatthewHyland_/status/1845706977751507234">added</a> that “80%-90% of the time in 2024 when the 10 SMA was moving up, BTC price moved up.”
Magazine:&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/10-crypto-theories-that-missed-as-badly-as-peter-todd-is-satoshi/" rel="null" target="null" text="null" title="null">10 crypto theories that missed as badly as ‘Peter Todd is Satoshi’</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin to 'break loose' at $70K as 'Uptober' flips green

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