Bitcoin (BTC) Will Generate More Bullish Momentum If It Reclaims This Key Price Area, Crypto Strategist Says

Pseudonymous analyst Inmortal tells his 216,500 followers on the social media platform X that all eyes are on Bitcoin after BTC surged past $63,000

Renowned crypto strategist says that Bitcoin will generate more bullish momentum if BTC manages to convincingly reclaim a key price area.

Pseudonymous analyst Inmortal updates his 216,500 followers on social media platform X, stating that all eyes are on Bitcoin after BTC surged past $63,000 on Monday.

According to the trader, BTC will witness more rallies if it holds the price level, adding that Bitcoin opened the month of October at around $63,000.

“Uptober resumes above $63,000

BTC.”

On Monday, Bitcoin rallied to a 24-hour high of $64,458. The top crypto by market cap has corrected since and is trading at $62,485 at time of writing.

Zooming out, Inmortal observes the possibility that Bitcoin may be following in the footsteps of its October 2023 price action. The trader shares a chart suggesting that Bitcoin is on the cusp of a major breakout after over six months of sideways movement.

“October 2023 vs 2024

Both preceded by 200 days of accumulation

BTC.”

Looking at the trader’s chart, he appears to be suggesting that Bitcoin is currently in the final stages of its consolidation before sparking a breakout, similar to what happened last year when BTC was trading close to $20,000.

According to Inmortal, Bitcoin will confirm the pattern if it manages to rally past a resistance zone.

“Breakout above $64,000 = new all-time high

BTC.”

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