Bitcoin Explodes, Breaks $66,000: Next Stop $74,000 Then 6-Figures?

Bitcoin ripped higher yesterday, closing above $66,000 in a welcomed bullish breakout formation. The recovery comes after weeks of lower lows that saw the coin temporarily fall below $50,000 in early August. As bulls find their footing and the trend shifts in favor of optimistic traders, the coin will likely float to as high as $70,000 and all-time highs. Fanning this wave of optimism are fundamental factors, including the upcoming elections in the United States and the inflow to spot Bitcoin ETFs. Additionally, favorable technical candlestick formations align in favor of buyers who have been on the sidelines for months.

The path of least resistance is emerging to be northwards. At press time, the world’s most valuable coin is up 3% in the past day and 8% in the previous trading week. With rising prices, engagement is also up, expanding to over $49 billion in 24 hours. Any expansion towards $70,000 in the next few hours could see the average trading volume rise to Q1 2024 average.

Traders are watching the following Bitcoin news developments:

• Yesterday, Bitcoin broke above a multi-week wedge, pointing to strength. At this pace, the odds of BTC rallying in sync with early Q1 2024 gains remain high. As it is, bulls are eyeing $74,000.
• The surge to over $66,000, analysts think, marks the start of the “uptober.” Historically, October and Q4 2024 tend to be bullish for the world’s most valuable coin. In Q4 2023, BTC rose by 49%.

Bitcoin Price Analysis

BTC/USD is ripping higher.

The close above the September high confirms the gains of last month.

The local support is now at $66,000. Accordingly, every low offers traders an opportunity to consider longs targeting $70,000 and $72,000.

If Bitcoin pushes above the round number at $70,000 with rising engagement, it can easily glide to a new all-time high.

On the flip side, any dip reversing October 15 gains will jeopardize the uptrend, slowing down optimistic buyers angling for all-time highs.