Bitcoin (BTC) Price Touches $70,000, Hits Highest Since June – Where Is the Market Headed Next?

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Joel Frank

Author

Joel Frank

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Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology…

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Last updated:

October 28, 2024 21:28 EDT

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The Bitcoin (BTC) price rallied as high as the $70,200s on Monday on Coinbase, per TradingView, hitting its highest level since June in the process.

While the Bitcoin price has since slipped back to the high $69,000s as of early Tuesday trade, the bulls look to be in control of the market.

Pro-crypto Republican Presidential candidate Donald Trump remains the strong betting market favorite to win the US presidential election on November 5^th.

Meanwhile, risks seem tilted towards an easing of tensions between Israel and Iran – Israel’s attack (in response to a missile attack from Iran in early October) didn’t target nuclear facilities or refineries, giving Iran the space to de-escalate.

These tailwinds helped prop up crypto prices and US equities, despite fresh upside in US treasury yields ahead of a bombardment of US economic data coming up this week.

Investors will be hoping this week’s Core PCE, ISM PMI and official jobs reports paint a picture of a strong but still disinflationary economy.

Meanwhile, Bitcoin traders will also be keeping an eye on mega-cap earnings after Tesla’s bumper numbers gave a lift to overall risk appetite last week.

Where Is the Bitcoin Price Headed Next? Chart Analysis Suggests Higher

Pretty much whatever way you look at it, things are looking good for the Bitcoin price according to chart analysis.

Bitcoin found strong support at its 50DMA last week and has had strong momentum since breaking above its 200DMA earlier in the month.

That suggests momentum has swung in the bulls’ favor after months of consolidation and choppiness on either side of the major moving averages.

The Bitcoin price has also consistently posted higher highs since bottoming out in August, suggesting a strong uptrend is in play.

And the price uptrend since August coincides with an uptrend in Bitcoin’s 14-day relative strength index (RSI), which is yet to hit overbought territory.

Looking at the Bitcoin weekly chart, and the takeaway is that Bitcoin appears to have broken out of the bullish flag pattern it had been forming since March.

The stars appear to be aligning for the next leg higher of the current Bitcoin bull market, with analysis of Bitcoin’s prior cycles lending further strength to this argument.

It’s now been more than six months since the April Bitcoin halving – Bitcoin’s tendency has been to consolidate for 4-6 months post-halving, only to then power to fresh record levels over the subsequent 12 months.

Nerves ahead of the US election and upcoming data/earnings releases could encourage bulls to keep their powder dry in the coming days, with Bitcoin consolidation around $70,000 a possibility.

But new all-time highs could be very near for BTC.

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.