Key Takeaways
- Bitcoin (BTC) hit a 144-day peak on October 29, signaling strong bullish momentum.
- Long-term technical indicators suggest a rare buy signal, hinting at further upside.
- BTC is less than 5% away from its March 2024 all-time high of $73,794.
The Bitcoin price rallied over 12% in October, breaking free from a prolonged consolidation pattern. With key indicators flashing green, analysts anticipate an imminent new all-time high. Let’s explore the timeline and potential price targets.
Bitcoin Breaks Critical Resistance at $71,000
The weekly chart reveals a decisive breakout from a 217-day descending parallel channel—a pattern that had constrained price action since March. On October 29, BTC peaked at $71,500, just shy of its record high. Notably:
- The highest weekly close stands at $71,285, a level likely to be surpassed soon.
- The Moving Average Convergence Divergence (MACD) triggered a bullish crossover, while the Relative Strength Index (RSI) holds above 50.
- This same indicator combination preceded BTC’s 147% surge earlier this year.
👉 Discover how BTC’s technical setup compares to previous bull cycles
Price Projections and Wave Analysis
Elliott Wave Theory suggests BTC is completing its fifth and final wave upward since November 2023. Two scenarios emerge:
Base Case (March 2025 Target)
Price Range: $85,100–$88,800
- Derived from 1.618 Fibonacci extension of Wave 4
- Equates to 0.618x the combined length of Waves 1+3
- Channel analysis points to mid-March for cycle completion.
Extended Rally Scenario (July 2025 Target)
Price Range: $107,150–$113,300
- Based on 2.618 Fibonacci extension
- Would align with the channel’s upper resistance trendline
FAQs: Bitcoin’s Next Major Moves
When could Bitcoin hit a new all-time high?
Based on current momentum and technical signals, BTC could surpass $73,794 within weeks—potentially by November 2024.
What are the key resistance levels to watch?
Beyond the current ATH, watch these milestones:
- $75,000 (psychological barrier)
- $85,000–$88,800 (primary target range)
- $110,000+ (extended rally scenario)
How reliable are these technical indicators?
While historical signals like MACD/RSI crosses have strong predictive power, always combine technicals with macroeconomic factors (e.g., ETF inflows, halving effects).
👉 Explore advanced BTC trading strategies for volatile markets
Conclusion
Bitcoin’s breakout from a 7-month channel, coupled with bullish indicators and clear wave patterns, suggests:
- An imminent new ATH is highly probable.
- Primary targets cluster between $85K–$88K by Q1 2025.
- Extended scenarios could push BTC toward $110K by mid-2025.
Monitoring weekly closes above $71,285 will confirm sustained bullish momentum.
Disclaimer: This analysis represents market commentary only. Cryptocurrency investments carry substantial risk—conduct independent research or consult a financial advisor before trading. Past performance never guarantees future results.
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