2024

Pi [IOU]

Bitcoin

Bitcoin’s price is up 5% on Oct. 29, breaking through the $70,000 mark and leading traders to set ambitious targets for BTC moving forward.
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="null" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="null" target="null" text="null" title="null">TradingView</a> shows that Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="nofollow noopener" target="_blank" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) rose from a low of $67,541 on Oct. 29, climbing 5.86% to set a 20-week high at $71,500 on Oct. 29.&nbsp;
<figure>
 <img alt="Bitcoin bulls charge toward $72K as analysts set 6-figure BTC price targets" src="https://s3.cointelegraph.com/uploads/2024-10/0192d76a-c1be-7cb5-8668-99bc0c35bb9c" title="">
 <figcaption style="text-align: center;">
 BTC/USD daily chart. Source: <a data-ct-non-breakable="null" href="https://www.tradingview.com/x/2yz8R1iO/" rel="null" target="null" text="null" title="https://www.tradingview.com/x/2yz8R1iO/">TradingView</a>
 </figcaption>
</figure>
Accompanying Bitcoin’s price performance is a leap in trading volume, which stands at $47.5 billion at the time of publication, nearly doubling the volumes seen on Oct. 28, according to data from CoinMarketCap.
The move led to over $78 million in shorts being liquidated in the past 24 hours, which may have contributed to a price spike higher as traders closed losing bets, CoinGlass data <a data-ct-non-breakable="null" href="https://www.coinglass.com/LiquidationData" rel="null" target="null" text="null" title="null">shows</a>.
<h2 id="strong-one-last-hurdle-for-bitcoin-before-new-all-time-highs-strong">“One last hurdle” for Bitcoin before new all-time highs</h2>
Bitcoin’s ongoing rally has seen the price flip key areas into potential strong support, namely the $70,000 psychological level.
“One last hurdle before price discovery,” Bitcoin analyst Jelle said in an Oct. 29 post on X.
Jelle was referring to the supply zone between the $72,000 mark and the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-new-73-6-k-all-time-high-etfs-eat" rel="null" target="null" text="null" title="null">all-time high at $73,835</a>.&nbsp;
<figure>
 <img alt="Bitcoin bulls charge toward $72K as analysts set 6-figure BTC price targets" src="https://s3.cointelegraph.com/uploads/2024-10/0192d76b-7321-7dc1-90fb-a0b0f9fd1b31" title="">
 <figcaption style="text-align: center;">
 BTC/USD weekly chart. Source: <a data-ct-non-breakable="null" href="https://x.com/CryptoJelleNL/status/1851151020719559166" rel="null" target="null" text="null" title="https://x.com/CryptoJelleNL/status/1851151020719559166">Jelle</a>
 </figcaption>
</figure>
Similar observations were made by fellow analyst Amber_D, who spotted Bitcoin trading above $71,000 and <a data-ct-non-breakable="null" href="https://x.com/0xAmberCT/status/1851157032193433935" rel="null" target="null" text="null" title="null">said</a>:
<blockquote>
 “BTC is heading back to the strong resistance zone at around $71k - $73k.”
</blockquote>
Data from CoinGlass reveals ask orders worth more than $35.7 million sitting just above the $72,000 level, reinforcing the importance of this level to bears.
<figure>
 <img alt="Bitcoin bulls charge toward $72K as analysts set 6-figure BTC price targets" src="https://s3.cointelegraph.com/uploads/2024-10/0192d76b-e917-77f8-9c8b-b66d080472ad" title="">
 <figcaption style="text-align: center;">
 Bitcoin liquidation heatmap. Source: CoinGlass
 </figcaption>
</figure>
Still, the resistance Bitcoin faces in its recovery path is relatively weaker compared to the support it enjoys on the downside. The in/out of the money around price (IOMAP) metric from IntoTheBlock below shows that the support between $66,845 and $68,948 is stronger than the resistance around the $72,000 mark. In other words, the path of least resistance is up.&nbsp;
<figure>
 <img alt="Bitcoin bulls charge toward $72K as analysts set 6-figure BTC price targets" src="https://s3.cointelegraph.com/uploads/2024-10/0192d76c-6974-7cf3-94be-892580133dc1" title="">
 <figcaption style="text-align: center;">
 Bitcoin IOMAP chart. Source: IntoTheBlock
 </figcaption>
</figure>
This means that if Bitcoin’s price produces a decisive close above the $72,00 level, it will likely enter price discovery above the all-time high of nearly $74,000 set in March 2024.
<h2 id="strong-btc-price-breakout-could-result-in-six-figures-strong">BTC price breakout could result in six-figures</h2>
Bitcoin’s performance on Oct. 28 has sparked optimism among analysts who are now making predictions as to how high BTC price can go during this cycle.
Veteran trader Peter Brandt <a data-ct-non-breakable="null" href="https://x.com/PeterLBrandt/status/1823728741983326300" rel="null" target="null" text="null" title="null">says</a> that BTC’s price action presented three scenarios based on two chart patterns: a 5-month inverted expanding triangle and a historical pattern based on Bitcoin halvings.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-action-gearing-up-for-a-perfect-storm-to-new-ath-bitfinex" rel="null" target="null" text="null" title="null">Bitcoin headed for ‘perfect storm’ to new all-time high — Bitfinex</a>
The first one <a data-ct-non-breakable="null" href="https://x.com/PeterLBrandt/status/1851100685682585769" rel="null" target="null" text="null" title="null">involved</a> a measured move from the triangle with the target set at $94,000.&nbsp;
The second scenario <a data-ct-non-breakable="null" href="https://x.com/PeterLBrandt/status/1851092865188769796" rel="null" target="null" text="null" title="null">involved</a> a swing target determined by projecting the November 2022 low to March 2024 high upward from the Aug. 5 low, as shown in the chart below. This places BTC’s price target just below $235,000.&nbsp;
<figure>
 <img alt="Bitcoin bulls charge toward $72K as analysts set 6-figure BTC price targets" src="https://s3.cointelegraph.com/uploads/2024-10/0192d76d-113f-77f3-a03e-c768782cd4c9" title="">
 <figcaption style="text-align: center;">
 BTC/USD weekly chart. Source: <a data-ct-non-breakable="null" href="https://x.com/PeterLBrandt/status/1851092865188769796" rel="null" target="null" text="null" title="https://x.com/PeterLBrandt/status/1851092865188769796">Peter Brandt</a>
 </figcaption>
</figure>
Brandt also <a data-ct-non-breakable="null" href="https://www.peterlbrandt.com/the-beautiful-symmetry-of-past-bitcoin-bull-market-cycles/" rel="null" target="null" text="null" title="null">presented</a> a “beautiful symmetry of past BTC bull market cycles,” projecting the bull market cycle high to occur in late August 2025 or early September 2025, setting the peak in the $130,000 to $150,00 range.&nbsp;
<blockquote>
 “The X on the chart marks the probably high date and price level.”
</blockquote>
<figure>
 <img alt="Bitcoin bulls charge toward $72K as analysts set 6-figure BTC price targets" src="https://s3.cointelegraph.com/uploads/2024-10/0192d76d-8f16-7930-8670-496401c8c313" title="">
 <figcaption style="text-align: center;">
 BTC/USD weekly chart. Source: <a data-ct-non-breakable="null" href="https://x.com/PeterLBrandt/status/1851100690598269250" rel="null" target="null" text="null" title="https://x.com/PeterLBrandt/status/1851100690598269250">Peter Brandt</a>
 </figcaption>
</figure>
Meanwhile, pseudonymous analyst Dyme said that a $150,000 price target was “perfectly possible” for Bitcoin according to their Pi Cycle analysis.&nbsp;
<figure>
 <img alt="Bitcoin bulls charge toward $72K as analysts set 6-figure BTC price targets" src="https://s3.cointelegraph.com/uploads/2024-10/0192d76d-e79f-7e93-8416-ad1314f5f05e" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/CryptoParadyme/status/1851092329358377339" rel="null" target="null" text="null" title="https://x.com/CryptoParadyme/status/1851092329358377339">Dyme</a>
 </figcaption>
</figure>
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 bulls charge toward $72K as analysts set 6-figure BTC price targets

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