CandleFocus Imminent BTC price breakout; Bitcoin forming path to $350,000 spike
2024-09-29
Author: Content Editor
A prominent analyst suggests that Bitcoin is building momentum towards a six-figure record high, despite its current price movements being called 'noise.' The analyst points out that Bitcoin is forming a cup-and-handle pattern, which is a bullish chart pattern. The price is currently retracing to a key support level before the next move up, and once this pattern is broken, the analyst believes Bitcoin could rally between $194,000 and $352,000. Another analyst notes that significant resistances at $65,700 and $70,000 need to be broken in order for a record high to be anticipated. Concerns remain about the short-term price trajectory, as online interest in Bitcoin remains shaky. Bitcoin is currently trading around $65,846, with a weekly gain of 4.6%. Overall, Bitcoin seems set to end September on a strong note, but attention should be focused on how it interacts with the $65,000 support level.
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