According to the BTC/USD chart, Bitcoin’s price reached $68,000 in mid-October, a level not seen since late July. Can this upward momentum continue?
Jeff Kendrick, head of digital asset research at Standard Chartered Bank, predicts that Bitcoin could rise to $73,800 before the US presidential elections in November, which would mark a new all-time high.
Kendrick highlights several factors that may drive Bitcoin’s price higher:
→ Less stringent regulation: A more favourable regulatory environment, as indicated by recent news regarding BNY Mellon’s accounting practices, could benefit Bitcoin’s price.
→ MicroStrategy’s ambitions: The company plans to transform into a “Bitcoin bank,” potentially enabling it to generate revenue by lending cryptocurrency in the future.
Today’s technical analysis of the BTC/USD chart reveals:
→ The price is forming a long-term upward channel (shown in blue).
→ Since March, price fluctuations have created a downward channel (shown in purple), which may be seen as an interim correction within the main bullish trend. Technical analysts might refer to this as a “bullish flag” pattern.
→ A significant price increase on October 14 led to the formation of a bullish Fair Value Gap (FVG), indicating buyer dominance over sellers.
Given these factors, it is reasonable to expect that the $63,000 to $65,000 range could serve as a launchpad for bulls aiming to break through the multi-month resistance represented by the upper boundary of the purple corrective channel.
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