A crypto analyst is predicting a big jump for Bitcoin in the coming months. They believe the price could hit a new all-time high, potentially reaching $78,000.
A Zigzag Path to $78,000
The analyst believes Bitcoin will take a bit of a rollercoaster ride before reaching this new peak. They predict the following:
- Dip to $60,000: Bitcoin will first drop to around $60,000.
- Rebound to $66,000: It will then bounce back up to $66,000.
- Another Dip to $57,000: A correction will bring the price down again, this time to $57,000.
- Final Push to $78,000: Finally, Bitcoin will make a strong rally, reaching a new all-time high of $78,000.
This prediction is based on a technical analysis pattern called a “descending channel.” This pattern suggests that the price is moving downwards but could soon break out and move upwards.
The Latest Update
The analyst recently confirmed that Bitcoin has already followed the first two steps of their prediction. It dipped to $60,000 and then rebounded to $66,000. They believe the next move will be the correction to $57,000, followed by the final push to $78,000.
October’s Surprise
It’s worth noting that October is usually a bullish month for Bitcoin, but the price hasn’t been performing as well as expected so far. However, this prediction suggests that October could still be a good month for Bitcoin, with the big rally starting soon.
Bitcoin’s Current Situation
As of today, Bitcoin is trading just below $63,000, up about 5% in the last 24 hours. This recent rally comes after a week of bearish pressure, with the price dipping as low as $59,000. Overall, Bitcoin is up about 1% in the last week.
