Bitcoin Price Prediction for today, October 29 – BTC Technical Analysis

On Oct 29, 2024

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The Bitcoin price prediction shows that BTC is rising for the fourth straight bullish day as the technical indicator faces the north.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $72,532.71
Bitcoin market cap – $1.44 trillion
Bitcoin circulating supply – 19.77 million BTC
Bitcoin total supply – 19.77 million BTC
Bitcoin Coinmarketcap ranking – #1

Bitcoin (BTC) exemplifies the potential rewards of early investment in crypto. Starting at just $0.04865 in July 2010, Bitcoin has skyrocketed by over +149 million percent over 14 years, marking one of the most significant financial gains ever. Today, BTC trades between $68,473.60 and $72,685.30, reflecting its impressive long-term growth. Even after reaching an all-time high of $73,750.07 in March 2024, Bitcoin remains a top choice for investors, demonstrating the value of early involvement in promising crypto projects.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $79,000, $81,000, $83,000

Support Levels: $64,000, $62,000, $60,000

BTCUSD – Daily Chart

BTC/USD currently holds a bullish stance in the long term, reflected by consistent upward movement on the daily chart. However, the market’s bullish strength lacks full confidence due to Bitcoin’s price consolidation within the $54,000 to $73,500 range over recent months. This suggests that, despite optimistic short-term signals, a breakout on a higher time frame is necessary to confirm a lasting upward trend.

Bitcoin Price Prediction: Would Bitcoin Touch $73k Level?

Currently, Bitcoin’s 9-day moving average remains above the 21-day moving average, indicating bullish momentum as the price attempts to break above the upper boundary of the channel. However, Bitcoin has struggled within these moving averages over the past few weeks, suggesting that BTC/USD may experience short-term bearish movement before making a renewed push higher. This consolidation reflects a likely pullback to the $60,000 range before any sustainable breakout, with technical resistance and upcoming fundamental events adding pressure to the current trend.

Nevertheless, if Bitcoin manages a daily close above the $73,000 resistance level, it could open the door for gains toward $79,000, $81,000, and even $83,000. Conversely, failure to hold above the moving averages, currently trading around $72,532 might see BTC slide toward the daily low of $69,581. Should the decline deepen, critical support levels at $64,000, $62,000, and $60,000 could offer stabilization. Moreover, this range-bound trading highlights the possibility of continued consolidation before a more definitive trend emerges.

BTC/USD Medium-term Trend: Bullish (4H Chart)

The 4-hour BTC/USD chart indicates that Bitcoin is currently trading above the 9-day and 21-day moving averages, pushing past the channel’s upper boundary. This momentum could drive the price toward the $75,000 resistance level or higher. However, Bitcoin may consolidate near the upper boundary, so buyers need to maintain their positions to support continued growth.

Bitcoin Price Prediction for today, October 29 – BTC Technical Analysis — BTCUSD – 4 Hour Chart

Looking at the 9-day and 21-day moving averages, it shows that the BTC price may continue the upward movement as its price spikes to the north. On the contrary, if the coin decides to cross below the 9-day and 21-day moving averages, the support level of $70,000 and below may be located.

Meanwhile, @CryptoBheem, with over 54k followers on X (formerly Twitter), pointed out that while many are pursuing this breakout, caution is advised. The price could still experience a significant retest before moving up to 74.1k. For the chance of a retest to be minimized, the lower time frames (LTF) need to consolidate sideways above 71k. Stay prepared to buy if the price dips.

$BTC update:
Everyone is chasing this breakout.
Be careful as price can have a nuky retest before running up to 74.1k
LTF should start to chop sideways now above 71k if the likely hood of a retest is to be eliminated.
Be ready to buy this dip. pic.twitter.com/2z7BB4vKXG
— Ahmed (@CryptoBheem) October 29, 2024

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