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COINTURK NEWS > Technical Analysis > Bitcoin Price Rises to 66,000 Dollars, Drawing Attention from Traders
Technical Analysis

Bitcoin Price Rises to 66,000 Dollars, Drawing Attention from Traders

In Brief

  • Bitcoin price rises to 66,000 dollars as altcoins also gain momentum.

  • Key targets for Bitcoin and BONK Coin indicate potential for significant market movements.

  • Traders anticipate a bullish market influenced by upcoming election dynamics.

Fatih Uçar
Fatih Uçar 8 months ago
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As this article was prepared, the price of Bitcoin (BTC) $104,806 reached up to 66,000 dollars, currently holding at 65,880 dollars. Following the recent test of 67,000 dollars, the price quickly dropped to around the 59,000 dollar range but showed a rapid recovery. This trend also impacted altcoins, with assets like SOL Coin starting the day with a 5% increase.

Contents
Bullish Targets in CryptocurrenciesBitcoin and the 65,000 Dollar Threshold

Bullish Targets in Cryptocurrencies

Bitcoin’s recent attempts to reach peaks have led to lower lows, keeping traders excited about the ongoing movement toward 66,000 dollars. Despite the potential for setbacks due to the Trump factor in the upcoming elections, BTC seems to be concluding one of its long consolidation phases before significant breakouts.

After months of stagnant movements within a narrow range, a transition to closing above 70,000 dollars is anticipated as a precursor to new all-time highs. In his latest assessment, Michael Poppe noted:

“The total market cap for cryptocurrencies is facing a significant breakout this year. If it surpasses 2.3 trillion dollars, another attempt at an all-time high becomes very likely.”

BONK Coin has also gained attention, with the analyst known as TraderSZ announcing two distinct targets, the first being 0.00003 dollars. If successful, reaching previous all-time highs could be possible.

Bitcoin and the 65,000 Dollar Threshold

The BTC price has struggled to hold above 65,000 dollars, a crucial point highlighted by the analyst known as Jelle. According to the graph shared by Jelle, the next target based on current conditions is 70,000 dollars. If correct, subsequent targets of 73,777 and 80,000 dollars may come into play.

“The declines have ended, the crows are scared, and the price has risen. Let’s see if Bitcoin can advance toward the 70,000 dollar region this week.”

The significant volume accompanying Bitcoin’s movement above 65,000 dollars to reach 66,000 indicates that this trend may differ from previous ones. If a bullish market emerges, as seen in past cycles three weeks before elections, there could be opportunities for gains exceeding tenfold by mid-next year.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Fatih Uçar 14 October, 2024 - 7:43 pm 14 October, 2024 - 7:43 pm
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