Bitcoin Price Targets $69K: BTC Price Set to Break 8-Month Downtrend

Key Takeaways:

• Bitcoin approaches its 2021 all-time high of $69,000: This marks a critical psychological and technical level for traders. This surge has triggered speculation that a breakout above this resistance could lead to further bullish momentum, potentially shifting Bitcoin’s long-term trend upward.
• The Relative Strength Index (RSI) staying above 50: On the daily charts suggests that Bitcoin’s upward trend remains intact. A high RSI typically signals increased buying pressure, and when coupled with positive market conditions, it often results in sustained bullish price action.
• Bitcoin’s recent price action broke through mid-term resistance levels: This breach is significant because it indicates that BTC has managed to overcome barriers that previously caused price rejections, paving the way for more gains if it continues to close above key levels.
• Spot Bitcoin ETF inflows reached multi-month highs: This reflects heightened investor interest in Bitcoin exposure through regulated products. These inflows tend to support price action, as increased demand for Bitcoin ETFs may lead to greater spot market activity and price appreciation.
• Key support remains strong at $65,000: This provides a solid base in the event of a short-term pullback. This support zone, coupled with ask liquidity above current prices, suggests that Bitcoin price may have room to stabilize if bullish momentum temporarily falters before resuming its upward trajectory.

As Bitcoin price trajectory continues to captivate traders, recent market activity has shifted the focus toward a potential breakthrough of the $69,000 level, last reached in 2021. Following a period of consolidation, Bitcoin price has shown renewed momentum, gaining over 2% as the Wall Street session opened on October 15. This resurgence has brought BTC close to its previous all-time high, igniting optimism among analysts that a new bullish trend might be in the works.

Bitcoin Price Hits Its Highest Levels Since July 2023

Recent data from Cointelegraph Markets Pro and TradingView indicates that Bitcoin price is climbing, reaching levels not seen since July. The price action has been bolstered by sustained interest from institutional investors and retail buyers. Over the past few months, Bitcoin price had been trading within a consolidation range, but as of October 15, it surged toward the key psychological level of $68,000. Analysts now speculate that BTC price could challenge its 2021 peak of $69,000, a critical resistance level.

BTC/USD | Source: TradingView

Skew, a prominent crypto analyst, has suggested that Bitcoin price structure still looks favorable, hinting that if Bitcoin can surpass the $69,000 mark, it could signal a “higher high” and pave the way for further bullish momentum. This upward movement would represent a significant shift in the market’s longer-term trend, potentially leading to sustained growth.

Key Indicators Signal Further Gains

The Relative Strength Index (RSI), a widely-used momentum indicator, has remained above the inflection point of 50, suggesting that Bitcoin’s current uptrend has room to run. Skew pointed out that RSI levels above 50, coupled with favorable one-day and four-hour trends, typically result in further price gains. Bitcoin’s ability to maintain RSI levels and challenge resistance zones could be critical in determining the next phase of its price action.

Read more: Crypto market bull run

#BTC

Bitcoin has broken the August highs to rally to the Channel Top (red)

Now BTC needs a Weekly Close inside the red resistance to kickstart a breakout from the Channel (black)

Upside wicks into red preceded rejections (blue circles)$BTC #Crypto #Bitcoin https://t.co/uoX81nji9l pic.twitter.com/lerDXQKLeY

— Rekt Capital (@rektcapital) October 15, 2024

Rekt Capital, another respected analyst, echoed these sentiments, stating that Bitcoin has successfully broken through mid-term resistance levels from August. However, he cautioned that BTC would need to close the week within the red resistance zone on the weekly chart to fully confirm a breakout. Failure to do so might result in another rejection, as was the case in previous attempts to breach these levels.

Bitcoin ETFs and Market Sentiment

Adding to the optimism is the increased interest in U.S. spot Bitcoin exchange-traded funds (ETFs), which have seen a surge in inflows in recent months. According to data, these inflows reached multi-month highs, reflecting growing confidence in Bitcoin’s long-term prospects. However, analysts remain cautious, noting that while ETF inflows can bolster the market, sustained bullish momentum requires strong underlying demand from spot buyers.

Skew highlighted the correlation between large inflows to ETFs and the market’s ability to absorb supply. The challenge lies in whether spot demand will be sufficient to push Bitcoin past the $69,000 barrier. If this resistance level is breached, analysts predict the next target could be between $69,000 and $70,000, which would likely trigger further buying interest and propel the price toward new highs.

Key Levels to Watch

On the upside, Bitcoin’s immediate challenge is to break above the $69,000 resistance, a level that aligns with its 2021 all-time high. A successful breach of this level could signal a major shift in the market’s trajectory, potentially leading to a surge toward $70,000 or higher. Technical indicators such as the RSI and moving averages suggest that this is within reach, but sustained demand will be crucial.

BTC/USD order book liquidity data | Source: CoinGlass

On the downside, analysts point to $65,000 as a key support level. If Bitcoin fails to maintain its current momentum, this zone could provide a floor for the price, preventing a deeper correction. As market participants await further developments, the interplay between ETF inflows, spot market demand, and technical resistance levels will likely dictate the next major move for Bitcoin.

Conclusion

Bitcoin’s price action is currently testing key resistance levels, with $69,000 being the next major target. A successful breakout could herald a new bullish phase, driven by institutional inflows and strong market fundamentals. However, sustained spot demand will be essential to maintain upward momentum and prevent a return to consolidation. As Bitcoin challenges its 8-month downtrend, the coming days will be critical in determining whether it can regain its 2021 peak and continue its upward trajectory.

Source: CoinTelegraph