Bitcoin’s odds of setting up a new all-time high (ATH) have gone up exponentially in the past week due to the recent rally. If the bullish momentum and open interest remain high, the chances of Bitcoin price hitting $75K are very high.
Bitcoin Price Today is Up 0.70%
BTC price today trades at $67,881 and is roughly 12% Away from hitting a new ATH of $75K. The recent surge in BTC Open Interest (OI) coupled with breaching the $65K resistance level have all played a pivotal role in flipping October’s bearish sentiment to bullish.
Will Bitcoin Price Hit $75K in The Next 10 Days??
In just six days, starting from September 6, Bitcoin shot up 15%. Between September 16 and 26, BTC rose 14%. Considering this massive volatility, yes, Bitcoin’s price hitting $75K in the next ten days of October is not unlikely.
Additionally, the daily chart shows a shift in market sentiment occurred when Bitcoin produced a higher low on September 6. Since then, the price of BTC has continued to skyrocket without any significant breach of the trend. Due to this extraordinary upswing, Bitcoin has breached the downtrending structure connecting the lower highs formed since the ATH of $73,949. This breakout, as seen in the below chart, is a critical development that hints at bulls’ control.
Furthermore, a previous CoinGape article also mentioned how the BTC OI on CME exchange has hit a new notional high, denoting investor interest. And the drop in Bitcoins held on centralized platforms has plummeted, indicating that market participants are growing increasingly confident and are not looking to sell.
All these reasons indicate that Bitcoin will hit $75K in the next ten days of October.
However, investors should not blindly believe in this uptrend and should keep an eye on lower time frame moves to identify a correction based on a shift in market sentiment.
BTC Bears Relentless, Investors Must Stay Prepared
In case Bitcoin price starts to fumble and fails to overcome the $70K hurdle, it could reverse slip back into the seven-month consolidation. Investors can spot this beforehand by observing Bitcoin’s lower time frame price action.
The four-hour chart is perfect for such Bitcoin price forecasts. The uptrend that began on September 6 underwent a huge correction after BTC breached a key swing low of $64,679. This led to an 8.74% correction.
At present, the key low for Bitcoin is 66,770. If buyers fail to defend this level, leading to a swift breakdown, it will suggest that the $75,000 target is unlikely to be achieved. In such a case, the downtrend will continue until a stable support level is reached.
These key support floors include $63,209 and $61,315.
On the other hand, if Bitcoin price continues to produce a higher high, then the bullish trend will continue. This outlook will be enough for BTC to reach $75K in the next ten days of October.
The post Will Bitcoin Price Hit $75K in the Next 10 Days of October? appeared first on CoinGape.
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