Bitcoin’s price action was marked by ups and downs in the week just ended, which is a reminder of the volatile nature of digital assets. According to Bitcoin price data, exactly completed the retest from the descending trend line that has narrow price increases since March.

As noted by the EGRAG CRYPTO analyst, the only thing left is the complete closure of the exchange within a weekly time horizon. This close will be crucial in determining the next phase of Bitcoin’s price action, potentially setting the stage for a rally into up-to-date price territories.

Bitcoin completes trendline retest

Technical analysis of Bitcoin price indicates a break of the resistance trend line in mid-October. Although the breakout saw the cryptocurrency surpass $68,000 for the first time in three months, consolidation soon after suggested that the work was not yet done.

However, Bitcoin started the just-finished week in good shape. In particular, the price of BTC increased in the last three days of October from $66,900 on October 27 to $73,540 on October 29. This represented an boost of approximately 10% in just two days. Interestingly, this was enough to successfully break the resistance trend line.

According to EGRAG CRYPTO, Bitcoin has successfully broken out and confirmed the retest phase. However, breakout noted by the analyst is in a larger time frame on the weekly candlestick chart. Looking at the Bitcoin price chart below, the initial breakout recorded by EGRAG CRYPTO dates back to February 2024 when the top coin broke above $47,000.

This means that when looking at a weekly time frame, Bitcoin’s trip to a peak/all-time high of $73,737 on March 14, a correction all the way to a low of $49,800 on August 5, and the recent return above $73,000 are all part of one the immense breakout and retest movement that has occurred over the last 38 weeks.

What’s next for Bitcoin?

This sequence of price movements illustrates Bitcoin’s resilience and prevailing bullish sentiment among traders. According to EGRAG, the pattern is very bullish and expects the cryptocurrency to continue this trend. In terms of price target, the analyst suggested a potential boost from $90,000 to the $110,000 range by December 2024. This represents a 32% and 62% return from breaking $68,000, respectively. Interestingly, EGRAG also noted that the only thing left to certify this run is the closing price of the week in the green zone.

At the time of writing, Bitcoin is trading at $68,500, down approximately 1.9% over the past 24 hours. This is a minor withdrawal, however, it doesn’t seem to be a deterrent general bullish sentiment around Bitcoin at the moment.

Featured image from CNBC, chart from TradingView