Crypto analyst EGRAG CRYPTO has shared insights into Bitcoin’s price trajectory, suggesting a potential rally. In his tweet on October 29th, EGRAG CRYPTO emphasized that Bitcoin has broken out of a descending broadening wedge pattern, a structure often signaling a bullish reversal.
Following this breakout, Bitcoin retested its position, indicating a confirmed trend that could lead to continued upward momentum. The analyst highlights a critical support level of $66,000.
He advises that Bitcoin must close above this level on both 3-day and weekly timeframes to sustain the push toward six figures. If Bitcoin maintains this level, the path to $102k and possibly $110k could be achievable. However, if this rally stalls, it may trigger a sharp pullback.
What you'll learn 👉
Support and Resistance Levels in Focus
EGRAG CRYPTO’s analysis outlines several support and resistance levels that Bitcoin will encounter on its upward journey. The key support point at $66,000 is essential for maintaining Bitcoin’s bullish momentum. Should BTC price drop below this level, it risks a decline that could halt the anticipated rally.
Beyond the $66,000 support, the analysis identifies an intermediate resistance near $69,725, a point Bitcoin needs to overcome to sustain its bullish pace. This resistance level, slightly below the psychological barrier of $70,000, could either slow the rally or serve as a launching pad if BTC breaks through.
Additionally, a Fibonacci retracement level at $44,608 provides a deeper support zone if BTC encounters a more substantial correction.
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Target Projections and Market Sentiment
According to EGRAG CRYPTO’s chart, the first major target is $102,090, aligning with predictions of Bitcoin’s rally toward the $102K-$110K range. The breakout from the descending wedge, coupled with a retest, supports this outlook.
Market sentiment has shown resilience, with many investors expecting continued upward momentum. Nevertheless, EGRAG CRYPTO cautions about a potential “shakeout” if Bitcoin’s rally stumbles.
He suggests that a steep correction could occur, making about 95% of investors question whether the bull market has ended. Despite this risk, the analyst believes such a dip would likely be temporary, purging weaker hands and setting the stage for a resumed rally.
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