The Bitcoin price has experienced a slowdown in recent days, dropping to around $65,500 on Saturday, October 26. This lackluster performance in the historically bullish month of October has left many investors wondering about the future trajectory of the premier cryptocurrency. However, according to crypto analyst Ali Martinez, the next few days could be crucial in determining whether Bitcoin will resume its bull cycle and potentially reach new all-time highs.
Martinez has outlined a bullish outlook for the Bitcoin price in a recent post on social media platform X. Based on technical analysis, Martinez believes that Bitcoin could rally beyond its current record-high price and reach $78,000 before the end of 2024. This projection is based on the formation of a descending channel pattern on the daily Bitcoin price chart, with the cryptocurrency persisting within this channel since March 2024.
A descending channel is a chart formation in technical analysis that consists of two major trendlines – an upper resistance line and a lower support line. Prices typically move within this channel over a period, with a breakout indicating a potential shift in market trend. In the case of Bitcoin, the price has recently broken above and retested the upper trendline of its current channel, signaling a shift from a downtrend to an uptrend.
Martinez predicts that after failing to breach the $65,000 support level, Bitcoin could see a jump to $72,000 before a brief correction to $69,000. This pullback is expected to be followed by a 16% rally to the $78,000 region. Interestingly, this bullish projection aligns with the historically bullish fourth-quarter period for Bitcoin.
As of the latest data, the price of Bitcoin is just above $67,000, reflecting a modest 1.3% increase in the past 24 hours. Investors will be closely watching the market in the coming days to see if Bitcoin can maintain its upward momentum and potentially reach the $78,000 price target as predicted by Martinez.