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<p><a href="https://coinpedia.org/beginners-guide/what-is-bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin (BTC), the world’s largest cryptocurrency</a> by market cap, has breached one of the largest consolidations and is poised for a significant upside rally. On October 18, 2024, BTC broke out of the large descending channel pattern it had been moving since March 2024.&nbsp;</p>   
<h2 class="wp-block-heading" id="h-bitcoin-technical-analysis-and-upcoming-levels"><strong>Bitcoin Technical Analysis and Upcoming Levels</strong></h2>   
<p>According to the expert technical analysis, BTC appears bullish not only because of the recent breakout but also because it has breached a strong descending channel pattern it has been following since March 2024. However, BTC underwent a brief consolidation at the upper boundary of the channel pattern before breaking out, which indicates a genuine breakout.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/10/18214556/BTCUSDT_2024-10-18_21-45-45.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/18214556/BTCUSDT_2024-10-18_21-45-45-1024x448.png" alt="" class="wp-image-369023"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
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</figure>   
<p>Following this breakout, it is likely confirmed that BTC is poised for a significant upside rally. Based on the historical price momentum, there is a strong possibility that the asset could reach the $72,000 level and has the potential to hit a new high in the coming days.</p>   
<p>As of now, it is crucial for BTC to close a daily candle above the $68,800 level to confirm this breakout. If this occurs, it will be a bullish sign for BTC holders.</p>   
<h2 class="wp-block-heading" id="h-btc-s-bullish-on-chain-metrics-nbsp"><strong>BTC’s Bullish On-Chain Metrics&nbsp;</strong></h2>   
<p>On-chain metrics further support <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">BTC’s positive outlook</a>. According to the on-chain analytics firm Coinglass, BTC’s Long /Short ratio over the past hours stands at 1.19, indicating a strong bullish sentiment among traders following the breakout.</p>   
<p>Additionally, its future <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="noreferrer noopener nofollow">open interest</a> has soared by 3.9% over the past four hours and 2.36% in the most recent hours. This rising open interest suggests growing participation and interest from traders.</p>   
<p>Traders and investors often view rising open interest and a long/short ratio above 1 as favorable conditions for building long positions. According to on-chain data, 54.45% of top traders currently hold long positions, while 45.55% hold short positions.</p>   [post_titles_links postid="368905"]   
<h3 class="wp-block-heading" id="h-current-price-momentum-nbsp"><strong>Current Price Momentum&nbsp;</strong></h3>   
<p>At press time, BTC is trading near the $68,800 level and has experienced a price surge of over 2% in the past 24 hours. During the same period, its trading volume increased by 18% and continues to rise, indicating strong participation from traders and investors as BTC prepares for a massive rally.</p>

Bitcoin Breaks Long Channel Pattern, Eyes on $72,000

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