30s Summary

Bitcoin’s price has surpassed $64,000 for the first time since October 7th, raising hopes among crypto enthusiasts for a significant breakthrough. Experts suggest that a major price leap could be imminent since Bitcoin’s price has shown repeated consolidation. Recent gains have made October profitable, with Bitcoin value rising by 2.48% since the beginning of the month. Crypto traders have indicated that Bitcoin’s 10-day Simple Moving Average show a positive trend. However, caution should be taken as these insights are not investment advice and come with risk.

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Bitcoin’s price has climbed beyond $64,000 for the first time since October 7th. This has led some crypto enthusiasts to wonder if this could be the big breakout moment they’ve been hoping for during this month.

Bitcoin getting back to a $64,000 value doesn’t necessarily mean we’re hitting new records or even long-term peaks, but it does give crypto followers a bit of a mood boost. Especially after Bitcoin dipped to $59,000 on October 10th during a month that’s usually one of Bitcoin’s best.

10T Holdings founder, Dan Tapiero, thinks things are on the edge of a big turn around. Bitcoin recently jumped back above $64,000, showing a 3.16% profit since October 13th.

Tapiero believes that if Bitcoin manages to reach prices it hasn’t seen in about four months, it could skyrocket to never-before-seen rates. This is something a lot of traders have been hoping will happen in Q4 2024.

“If it breaks 70k, all h6ll’s gonna break loose,” adds Tapiero. Bitcoin last reached this price on June 6th when it hit $71,082.

He also observes that Bitcoin’s price is ‘just coiling and coiling’. This term is used by traders to describe when an asset’s price starts to close in on a narrowing range. Usually, it means a breakout might be close.

Today’s gains in Bitcoin’s price have tipped October back into profitable territory, with Bitcoin up 2.48% since the start of the month.

In line with Tapiero’s views, crypto trader Jelle also believes that Bitcoin’s lengthy period of consolidation is coming to an end. Ever since the Bitcoin halving on April 20, Bitcoin’s price has remained within boundaries of $58,000 to $72,000.

“2 higher lows, a higher high & prices pushing for new highs again,” tweeted Jelle on October 14th. “Summer lull is behind us. Let’s have some fun,” they added.

Finally, a fellow crypto trader, Matthew Hyland, noted that Bitcoin’s 10-day Simple Moving Average (SMA) — which works out the average price of Bitcoin over ten days — is trending upwards. “80%-90% of the time in 2024 when the 10 SMA was going up, Bitcoin’s price went up,” he pointed out.

Please note, this is not an investment advice and contains risk. Always do your own research before making any investments or trading decisions.

Source: Cointelegraph