A widely followed crypto analyst says that Bitcoin (BTC) is gearing up to reach a new all-time high (ATH) if it can break above one crucial resistance zone.
In a new strategy session, pseudonymous crypto trader Inmortal tells his 216,300 subscribers on the social media platform X that if the top crypto asset by market cap were to break above the $64,000 price tag, it would skyrocket to a new all-time high.
“Breakout above $64,000 = New ATH.”
The trader goes on to say that the flagship digital asset’s latest crash, which saw it drop from about $66,000 to $60,000 from September 29th to October 2nd, “feels” like it’s forming a local bottom.
He then notes that he’s only interested in going long on BTC in two spots: around the $60,000 level if BTC displays a swing failure pattern (SFP) – a reversal indicator where an asset’s price briefly surpasses prior highs or lows – or if it finds acceptance above $63,000.
However, Kaleo, another closely followed crypto analyst, says he believes the crypto king will dip to around the $57,000 or $58,000 price tag before ultimately reversing course.
He says that BTC will grind higher during the next month until the presidential election is finished, then it will “full send.”
“Bitcoin. Still looking like a quick little chop to $57,000 or $58,000, followed by a grind higher the rest of the month into a full send post election.”
According to Kaleo, even though BTC could lower, traders shouldn’t let that stop them from accumulating during this dip.
Bitcoin is trading for $61,948 at time of writing, a 2.1% increase during the last 24 hours.